TL;DR
This past Sunday, the cryptocurrency market experienced another day of extreme volatility. Bitcoin’s downward trajectory continued, hitting a new six-month low of $93,000. However, the pioneer crypto had a slight rebound, but the altcoin market took the worst hit.
The vast majority of altcoins suffered heavy losses. Ethereum once again slid to $3,200, while XMR, LTC, ICP, and NEAR registered significant price drops of up to 9%.
For Bitcoin, the landscape changed drastically in just 7 days. After the good news in the U.S. fueled brief optimism, Bitcoin managed to surpass $107,000, but the correction has been severe. Initially, the price retreated to $102,000 and continued to fall throughout the workweek.
The crash was more extreme on Friday, with BTC reaching $94,000 for the first time since May. Although the bulls attempted a defense, pushing the price to $97,000 on Saturday, selling pressure returned on Sunday afternoon, culminating in the new low of $93,000.
At the time of this writing, BTC had recovered a few thousand dollars, sitting near $96,000. However, its market capitalization barely remains above $1.9 trillion, and its dominance over the altcoins has stabilized at 57.2%.
The impact is being felt in the alternative market, as altcoins suffer heavy losses amid Bitcoin’s instability. Ethereum (ETH) briefly fell below $3,100 before recovering to $3,200, accumulating a 1% loss in 24 hours.
Other major cryptocurrencies like BNB, SOL, TRX, DOGE, ADA, and LINK are showing similar daily drops. Market sentiment is negative; observers suggest that BTC’s overall structure has changed and it might have entered a new type of bear market.
The total crypto market cap has lost another $40 billion daily, sitting well below $3.350 trillion.
