The primary cryptocurrency charted a fresh all-time high at almost $74,000 yesterday, but the bears stepped up and pushed it south to a weekly low.
The altcoins have also suffered badly over the past 24 hours, with double-digit price dumps from the likes of XRP, ADA, AVAX, DOGE, and SHIB.
Bitcoin’s price trajectory had been nothing short of spectacular in the past several weeks. After breaking above $50,000, the asset has looked only north, which culminated last week in breaking the 2021 all-time high of $69,000.
However, BTC was just getting started and kept climbing after recovering from the almost inevitable correction. As a result, the cryptocurrency skyrocketed to over $70,000 at the end of last week and all the way up to $73,900 (on Bitstamp) yesterday morning, which became its current all-time high.
After such an impressive rally, warning signs started to appear that there might be an overdue correction. Such retracement indeed started yesterday with a drop to $70,000 but worsened earlier today when BTC slumped further to a weekly low of $65,600.
As of now, the asset has recovered some ground and stands inches above $67,000. However, its market cap is down by more than $100 billion in a day to just over $1.3 trillion on CoinGecko. Its dominance over the alts is also slightly down to 49.5%.
As it typically happens when BTC heads in one direction hard, so do most altcoins. Ethereum failed at overcoming $4,000, and the drop of 7.5% since then has pushed it to under $3,700. BNB charted a multi-year peak yesterday but is now down to $570 after a similar daily retracement.
More pain comes from the likes of Cardano, Avalanche, Dogecoin, Ripple, Polkadot, Polygon, Toncoin, and Shiba Inu. All these assets have declined by double-digits in the past day.
With most other mid- and lower-cap alts in a similar state, the total crypto market cap has lost over $250 billion in a day and is down to $2.650 trillion on CG.
