Bitcoin price experienced another drastic deterioration yesterday as it fell below $60,000 for the first time in well over a month.
Most altcoins are also deep in the red today, with names like SOL, DOGE and TON down more than 5-6%.
BTC's recent nosedive
It was less than a week ago – last Friday – when the major cryptocurrency was above $70,000 and even challenged $71,000. However, this was short-lived and external events such as the US Federal Reserve's comments and increasing tensions between Iran and Israel led to massive price drops.
It all started on Friday evening with a drop to $65,000. After rallying by a few grand on Saturday, BTC crashed later in the evening when Iran launched an attack on Israel. The asset fell to $61,000.
It managed to gain some ground on Sunday and Monday, but that didn't last long and Bitcoin started losing value again. This peaked yesterday when the cryptocurrency crashed to just under $60,000 for the first time since early March 2024.
Although BTC is currently over $1,500 above that low, it is still down 3% on the day and is barely above $61,000. Its market cap has fallen to $1.210 trillion while its dominance over alts still stands at 51.5%.
BTCUSD. Source: TradingView
Alts turn red again
Altcoins also followed suit with price declines in the last 24 hours. Ethereum, for example, has risen from over $3,100 to under $3,000 and is also currently struggling. Apart from BNB, which is slightly in the green, the rest of the alts are deep in the red.
This trend is led by Dogecoin, which has fallen by over 8%. Next are Toncoin (-6.5%) and Solana (-5%), followed by ADA, AVAX, SHIB, TRX and LINK.
Further losses are seen in WIF (-10%), TAO (-7.5%), OKB (-7.5%) and others.
The total crypto market cap fell by $60 billion overnight and now stands at $2.350 trillion.
Overview of the cryptocurrency market. Source: QuantifyCrypto
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Cryptocurrency charts from TradingView.
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