Bitcoin reached $28,000 yesterday, but was quickly rejected, resulting in a drop to $27,000, marking its lowest price point in almost a month.
The situation isn’t any better for alternative coins, with some such as ARB and FXS plummeting more than 25% on a weekly scale.
Bitcoin’s Recent Decline
The cryptocurrency market can change rapidly. Just 10 days ago, bitcoin’s price was above $30,000, reaching its highest point since June of last year. However, the bears took over and reversed the asset’s path.
Bitcoin fell below $30,000 and continued losing value rapidly the following week, dropping to $27,500 by Friday and Saturday. After trading sideways for a few days, bitcoin attempted a price pump to $28,000 but failed.
The rejection caused the price to drop by $1,000, resulting in its lowest price point in almost a month at $27,000. Despite rebounding somewhat, the price remains 8% lower on a weekly basis.
Bitcoin’s market capitalization remains at $530 billion, with a dominance over altcoins of 46%.
ARB and FXS Experience Steep Weekly Declines
A few weeks ago, many alternative coins experienced a rise in price, but they have since lost much of that momentum. For instance, ETH was priced over $2,100 after the Shapella update completion but has since dropped roughly $300. As a result, the second-largest cryptocurrency is struggling to remain above $1,800.
Most larger-cap altcoins are trading in the red daily, including Ripple, Cardano, Dogecoin, Solana, Polkadot, and Shiba Inu. Polygon dropped the most (3%) and is also below $1.
Among the few alts in the green is Avalanche, gaining 3% on the day and reaching $17.
On a weekly scale, Arbitrum and Frax Share have experienced the most significant declines, each falling by more than 25% to $1.3 and under $8, respectively.
The total crypto market cap has remained relatively steady at $1.150 trillion.
