The weekend witnessed a continuation of the broader correction within the cryptocurrency market, and most projects failed to stage any sort of recovery.
Bitcoin’s price is declining towards $27K and, at the time of writing, is slightly trading above it. Altcoins offered no relief in the past 24 hours, with most of them continuing their downfall. Let’s dive in.
Bitcoin Price Struggling Around $27K
The beginning of the new week has done little to help Bitcoin’s recovery attempt. In fact, the price continues declining, and it seems like $27K is the next level that the cryptocurrency will visit.
It’s worth noting that BTC attempted to reclaim $28,000 but was abruptly stopped at around $27.8K, where the bears took complete control. Every hourly candle since then has been red.
This previous week saw BTC lose the most value in five months. It’s down roughly 10% compared to where it was trading seven days ago.
Altcoins Continue Suffering
The altcoin market also failed to produce any meaningful recovery during the past 24 hours. Ethereum is trending towards $1.8K, down 2.1% on the day, much like the majority of the major alts by means of total market capitalization.
As seen in the heatmap below, it’s not looking very pretty.
Injective Protocol (INJ) is the worst performer from the past 24 hours, losing over 12% in the period. The cryptocurrency is now down over 30% in the past seven days alone. Trailing right behind is Arbitrum’s ARB, which also lost around 10% today.
On the other end of the spectrum, there’s Kaspa (KAS) and Bitget Token (BGB), both of which are up over 6% in the past 24 hours. Apart from them, though, it’s all red.