After hitting the $100,000 mark yesterday, the price of Bitcoin has taken another wrong turn as the asset has lost over three thousand dollars since then.
Alternative coins are also in deep negative territory, with prices of coins such as SOL, DOGE, ADA, AVAX, LINK, SHIB and many others falling daily.
BTC Short Term Recovery
While the business week got off to a pretty impressive start for BTC, whose price soared from $101,000 to a new all-time high of over $108,000 by Tuesday, it actually took a turn for the worse on Wednesday following the latest US FOMC meeting.
The major cryptocurrency began a massive correction that culminated on Friday with its price falling to around $92,000. Thus, in just 72 hours, the asset lost more than $16,000.
At this point, the bulls finally managed to stop the free fall and help BTC rise to $95,000. On Saturday morning, the price continued to rise and jumped to $99,600. As the community prepared for a potential fight for the six-digit mark, Bitcoin’s trajectory changed after reaching it.
BTC began to lose value again and fell to just under $96,000 hours ago. Even though Bitcoin is currently above this line, it is still down 2% on the day.
Its market capitalization has struggled to stay above $1.9 trillion, while its dominance over altcoins has grown to 55% as most altcoins have suffered much more.
Violas are back in red
Yesterday’s short-lived relief was halted as the altcoin market returned to the red. Ethereum took a hit at $3,500 and fell to $3,350 after a 3.5% intraday decline. XRP was stopped at $2.4 and has now fallen to $2.24.
Even more painful daily declines are seen in SOL, DOGE, ADA, AVAX, LINK, SHIB, XLM, DOT, HBAR, APT, ICP, AAVE and CRO with losses of up to 11% in the case of APT.
The total crypto market capitalization fell by another $100 billion during the day and dropped to $3.460 trillion on CG.
