Digital Cryptocurrencies Dip Once More as Bitcoin's Worth Tumbles Below $105,000 (Market Watch Report)
The crypto universe hasn't been dancing to a lively jig recently, as Bitcoin has slipped below the $105,000 mark. This slide comes after a short-lived rally that pushed the digital gold to a whopping $112,000 two weeks ago on Bitcoin Pizza Day.
Since then, it's been a wild ride, punctuated by rejections that pushed Bitcoin back from its peak. The largest cryptocurrency attempted a recovery, aiming for $106,000 on multiple occasions, but the bulls just couldn't maintain their momentum, leaving Bitcoin hanging out below $105,000.
Bitcoin Tumbles, Market Cap Drops
Bitcoin's market capitalization has taken a hit, dropping to a staggering $2.080 trillion on CoinGecko, while its dominance over the altcoins has inched back up to 61%.
Altcoins Face the Red
The altcoins aren't faring much better. In fact, many have suffered more significant losses than BTC in the past day. Avalanche (AVAX), for instance, has lost over 5% of its value and is precariously perched just above the $20 mark. Uniswap (UNI) has plummeted by a similar percentage, while Monero (XMR) has nosedived by a whopping 8%.
Hyperliquid, Dogecoin, and Chainlink are also deep in the red, while Cardano, Sui, and XRP have shed up to 2%.
The cumulative market capitalization of all cryptocurrencies has taken a dive, dropping by over $30 billion since yesterday, and now stands below $3.410 trillion on CoinGecko.
Could this be a sign of a pending Bear Market? Only time—and the crypto market—will tell.
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Crypto Quant temporarily intervened to prevent a possible free fall toward five-digit territory that could have been triggered by the recent market rejection.
Enrichment Data:
Analysis:
The market consolidation and global economic factors, such as growing US-China trade tensions, are believed to be the primary reasons behind Bitcoin's price drop and the overall weakness across major digital assets25.
- Despite the temporary intervention of Crypto Quant, the cumulative market capitalization of all cryptocurrencies has dropped significantly, now standing below $3.410 trillion on CoinGecko, indicating a potential bear market.
- Bitcoin's dominance over altcoins has crept up to 61%, with many altcoins suffering more significant losses than Bitcoin in the past day, such as Avalanche (AVAX) losing over 5%, Uniswap (UNI) plummeting by a similar percentage, while Monero (XMR) nosedived by 8%.
- The blockchain technology-driven finance sector, primarily crypto trading, has seen a dip in the past day, reflecting the downward trend in crypto markets, with Bitcoin tumbling below $105,000 and various altcoins such as Hyperliquid, Dogecoin, and Chainlink also in the red.
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