The weekend saw a significant drop in Bitcoin’s value, hitting a 25-day low amid a slump in APT and OKB by 10%. This drop comes on the heels of several regulatory concerns and increased investor caution. Traders and investors are closely watching the market for any signs of a rebound or further decline. Stay tuned for updates on the latest cryptocurrency market developments.
Bitcoin and Altcoins Suffer Significant Losses in Past 24 Hours
Bitcoin, the world’s most popular cryptocurrency, has continued to suffer steep declines, hitting its lowest level in April at $27,000. This marks a significant decline from its high point of over $31,000 just days ago. The dip in BTC’s value has had a knock-on effect on altcoins, with Dogecoin experiencing significant losses, while APT and OKB have also dropped sharply among mid-cap alternatives.
The crypto market has had a relatively turbulent few weeks, with various fluctuations arising since BTC broke through $30,000 on 10th April. Despite some stability during the following week, on 19th April, BTC rapidly dipped to $29,000 and continued to fall, eventually reaching its current low point of $27,100. The cryptocurrency continues to trade just above this level and has seen losses of over 10% in the past week, with market capitalization dropping to under $530 billion.
The impact on altcoins has also been significant, with Ethereum losing over $250 since last week’s Shapella update, with similar losses being witnessed in Ripple, Cardano, Polygon, Solana, Polkadot, Litecoin, and Shiba Inu. Dogecoin has plunged the most among the top 10 altcoins, with a 7% decline, putting DOGE now below $0.08. Other cryptocurrencies, such as Avalanche, Chainlink, ICP, FIL, and GRT, have also seen significant declines.
The crypto market has lost over $30 billion in the past 24 hours alone and now sits at $1.150 trillion, with more than $130 billion being wiped off its value in recent days. Even though BTC maintains its place as the dominant cryptocurrency, its market share has dropped to below 46% in the midst of the recent volatility.
In summary, it remains to be seen whether the cryptocurrency market will experience a rebound after this steep dip, but for now, many investors are remaining cautious.