Market Overview
The cryptocurrency market experienced a sharp downturn as Bitcoin (BTC) failed to hold above $90,000, triggering widespread declines among altcoins.
Bitcoin Performance
Bitcoin started the month poorly, with its price plummeting from above $92,000 to just over $88,000. The largest cryptocurrency had briefly recovered to $90,000 earlier in the week but faced renewed selling pressure following the release of US economic data. This led to a drop below $90,000, causing over $500 million in liquidations. Bitcoin’s market cap now stands at $1.8 trillion, with its dominance over altcoins exceeding 57%.
Altcoin Impact
The decline in Bitcoin’s price has dragged down the broader market. Ethereum (ETH) is down by 3.4%, trading just above $3,000, while XRP is nearing the $2.00 mark after a 2% drop. Other major altcoins, including Solana (SOL), Cardano (ADA), and Dogecoin (DOGE), have seen losses of up to 5%. Meanwhile, Zcash (ZEC) and CC have experienced double‑digit declines. Only Bitcoin Cash (BCH) and Tron (TRX) have managed minor gains.
Market Capitalization
The total cryptocurrency market capitalization has fallen by around $60 billion in a day, bringing it to $3.130 trillion.
