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Bitcoin Dips Below $64K as Altcoins Also Dip Today: Market Watch
The cryptocurrency market is currently in a correction, as the bulls seem to be taking a breather after the rally of the past few days. This has caused the total market cap to drop to around $2.45 trillion, losing around $40 billion in the last 24 hours.
Bitcoin price is also dropping, like most altcoins, so let’s take a look.
Bitcoin Price Drops Below $64,000
At the start of the week, BTC bulls failed to hold the price above $66,000 and since then, bears have managed to take control.
Sellers are now attempting to drag BTC below $63,000, having contributed to a 2% daily decline.
According to data from CoinGecko, Bitcoin’s dominance, or the metric that measures its share relative to the rest of the market, currently stands at 51.2%. It has dropped by about 0.2% over the past 24 hours, meaning that altcoins, collectively, are doing relatively better.
The volatility we’ve seen this week comes amidst intense political turmoil in the United States as the presidential election approaches. Prominent figures in the crypto community are voicing their opinions, including Messari’s Ryan Selkis, Ethereum’s Vitalik Buterin, Cardano’s Charles Hoskinson, and many others.
Altcoins are also falling
Most altcoins are also declining. Some are obviously doing better than others. For example, SOL, TRX, and TON have managed to stay in the green despite the broader market decline, albeit slightly.
Others, such as Ripple’s XRP, AVAX, ADA, UNI, MATIC and so on, are seeing slightly steeper drops, ranging between 3% and 5%.
However, it’s not all doom and gloom. Some cryptocurrencies have managed to defy the crisis in the last 24 hours. Mantle is up 10%, while WIF is up 6%.
On the other hand, the worst performing stocks in that period are Lido DAO (LDO) and GALA, both of which lost nearly 7%.
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