The failure of Bitcoin to break through the $70,000 mark has led to swift selling pressure, causing the asset to drop below $67,000 in just a few hours.
Other altcoins are also experiencing losses, and the overall cryptocurrency market capitalization has decreased to just over $2.4 trillion, down from a local high of $2.5 trillion recorded on Monday morning.
BTC Falls Below $67K
After concluding a very strong trading week last Friday, the leading cryptocurrency settled over the weekend. It had surged from $62,500 last Monday to $69,000 by Friday before pulling back slightly to $68,000 over the weekend.
Monday started on an even more promising note, with the asset climbing to $69,500 for the first time since late July. However, it was unable to maintain that upward momentum and was quickly pushed back before it could test the $70,000 resistance.
This triggered immediate sell-offs that brought the price down to $66,600 yesterday. Although it attempted a recovery since then, the selling pressure from bears has kept it below $67,000 once more.
As per CoinGecko, its market capitalization has fallen to $1.320 trillion, while its dominance over altcoins has increased to 54.8%, up from 54.5% the previous day.
Alts Underperform
The increase in BTC dominance during bitcoin corrections implies that the altcoins are faring even worse. Some of the worst performers among larger market caps include SUI, APT, UNI, and WIF, all of which have seen declines exceeding 5% over the last 24 hours.
Most other altcoins in the top 36 category are also in distress, albeit with slightly smaller losses. XRP, DOGE, LINK, and AVAX have dropped by about 3-4% each, while ETH and BNB have seen declines of 1.5%, with prices falling to below $2,600 and $580, respectively.
The overall market capitalization for all crypto assets has decreased to $2.41 trillion, indicating a drop of roughly $90 billion since Monday’s peak.
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