Bitcoin (BTC) is down 2.8% in the last 24 hours, falling from a high of $28,280 to its recent low of $27,058 and settled at $27,368 at the time of writing, according to data from Coingecko.
The past seven days have seen a clear downtrend for the top cryptocurrency by market cap, peaking at $29,724 on May 5, down 6% this week and down $45 billion on market capitalization. BTC’s market cap currently stands at $530 billion.
etherThe market’s second-largest cryptocurrency has also seen negative price action, falling 3.3% in value over the past 24 hours to trade at $1,818 at the time of writing.
These declines come amid a broader crypto market sell-off, with red candles hitting altcoins large and small. Major cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC), among others, are seeing losses in the 2-5% range.
However, Litecoin (LTC) and Monero (XMR) are among the few whose prices have not fallen.
Although most of the losses for major BTC, ETH, and major altcoins are below 5%, larger declines have occurred over the past week, with several of the aforementioned cryptocurrencies hitting double digits.
According to Coingecko, the global cryptocurrency market cap today stands at $1.2 trillion, down 2.5% over the past 24 hours.
The sudden drop in prices could have several reasons. On the one hand, after a few days of sky-high Bitcoin fees during which Binance paused withdrawals, fees have come down, causing delayed selling from market participants.
Despite a temporary surge in Bitcoin and Ethereum after April inflation numbers came in lower than expected, the news may also have marked a precipitous sell-off by investors.
As for the broader cryptocurrency market’s losses, the majority are following Bitcoin’s example and mimicking its price action, albeit with larger price swings due to their smaller market cap.
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