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The price of Bitcoin suffered a sharp decline yesterday as it fell below $60,000 for the first time in over a month. Most altcoins also experienced significant declines today, with crypto names like SOL, DOGE, and TON down more than 5-6%.
Just less than a week ago, starting last Friday, major cryptocurrencies traded above $70,000 and even challenged the $71,000 resistance level. However, that didn't last long, and external pressures such as the US Fed's comments and rising tensions between Iran and Israel, caused a big price drop.
It all started on Friday afternoon with a drop to the $65,000 trading level. After recovering several thousand on Saturday, the price of BTC fell again in the afternoon of the same day when Iran launched an attack on Israel. The major crypto asset fell to a trading level of $61,000.
The price of BTC managed to regain some hold on Sunday and Monday, but that didn't last long, and Bitcoin started to lose value again. Those concerns peaked yesterday when the cryptocurrency fell below $60,000 for the first time since early March 2024.
Although now more than $1,500 higher than that low, BTC is still down 3% today and is barely above $61,000. The market capitalization has dropped to $1.210 trillion, while its dominance over altcoins is still at 51.5%.
Altcoins are also following the decline in price over the past 24 hours. Ethereum, for example, dropped from over $3,100 to below the $3,000 trading level. Apart from BNB, most are dealing with losses.
These losses were led by Dogecoin, which has declined more than 8%. Toncoin (-6.5%) and Solana (-5%) , followed by ADA, AVAX, SHIB, TRX, and LINK. Further losses can be seen from WIF (-10%), TAO (-7.5%), OKB (-7.5%), and others.
The overall crypto market cap fell by $60 billion overnight and is down to $2.350 trillion.