The weekend saw the broader correction within the cryptocurrency market continue, and most projects failed to stage any sort of recovery.
Bitcoin’s price is declining toward $27K and, at the time of this writing, is trading slightly above it. The past 24 hours offered no relief to altcoins as well, with most of them continuing their downfall. Let’s dive in.
The beginning of the new week has done little to help Bitcoin in its attempt to recover. In fact, the price continues declining, and it looks 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.
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.
