Bitcoin’s price continued to nosedive over the weekend, breaking below $28,000 for the first time in a week.
The larger-cap altcoins, including MATIC, SHIB, XRP, and AVAX, are also struggling and have experienced significant losses.
Bitcoin Falls to $28K
Last week’s volatile market activity saw Bitcoin surge to just under $30,000 on Friday night, with the bulls hoping to break through this resistance level. However, the bears stepped in and prevented any further gains, resulting in a rapid loss in Bitcoin’s value. On Saturday, Bitcoin slipped under $28,500, and on Sunday it remained stable at around $29,000. However, as the weekend drew to a close, Bitcoin fell below $28,000, marking the lowest price point in a week.
BTC is still struggling to regain its footing, with a market cap drop of $540 billion and a 3.5% daily decline. Its dominance over altcoins remains relatively stable at 47%.
Altcoin Values Decrease
When Bitcoin prices drop, it is usually followed by a decline in the majority of the altcoins. Ethereum has experienced a similar price decline and is currently trading at $1,850. Binance Coin, Cardano, Dogecoin, Solana, Tron, and Litecoin have all suffered a 3-4% decline.
Other larger-cap altcoins, such as Polygon, Ripple, Shiba Inu, and Avalanche, have fallen by 5% or more. Significant losses have also been experienced by NEAR, APB, LDO, ICP, FTM, and HBAR, which are down 6-7%.
The total crypto market cap has declined to $1.115T on CMC, a daily drop of $40 billion and a two-day fall of $60 billion.