Bitcoin’s woes continue as the asset fails to begin a significant recovery with its price still below or around $96,000.
Alternative coins are also not in the best shape, with many such as XRP, ADA and AVAX still losing 3-4% on a daily scale.
BTC continues to struggle
A lot can change in the cryptocurrency markets within a week, and that has been the case for the last seven days or so. Just last Monday and Tuesday, BTC saw new gains and rose above $108,000, marking its latest all-time high.
However, the situation began to change on Wednesday evening after the latest FOMC meeting. Bitcoin reacted with an immediate price drop to under $100,000, but that was just the beginning. It continued to fall sharply in the following days, culminating on Friday when the price fell to $92,000.
At this point, BTC managed to stop its free fall and even jumped to over $99,000 on Saturday morning. However, this again did not last long: on Sunday the price fell to $96,000 and is currently at that level. The question now becomes whether the new trading week will be different from others, given some of the factors that could affect the price of BTC.
Currently, Bitcoin’s market cap on CG is $1.9 trillion and its dominance over alternative currencies is only 55%.
Violas in similar condition
Over the past few days, altcoins have shown similar or even more painful declines. The situation is quite bleak right now with XRP, AVAX, ADA, SHIB, DOGE and ETH still in the red. Over the past day, the prices of DOT, XLM, SUI and APT have fallen again.
AAVE is the only exception among the larger-cap alternatives that have actually seen their prices rise significantly. The asset has gained about 10% and is now trading at $340 amid a broader correction.
The total market capitalization of all crypto assets on CoinGecko has dropped to $3.460 trillion.
