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05/07/2024

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Bitcoin $3k Decline Triggers Over $60 Billion Loss in Broader Crypto Market

Bitcoin, the largest crypto by market cap, has experienced a wild movement in the past couple of days. Its price rallied, flirting briefly with the $65k zone before retracting and losing $3,000 to trade at...

Bitcoin $3k Decline Triggers Over $60 Billion Loss in Broader Crypto Market

Bitcoin, the largest crypto by market cap, has experienced a wild movement in the past couple of days. Its price rallied, flirting briefly with the $65k zone before retracting and losing $3,000 to trade at $63k. Likewise, the altcoin market followed with a significant loss, with tokens like Dogecoin, Shiba Inu, Cardano, and Avalanche recording major losses among the big names.

Bitcoin Loses $3k Following $65k Peak

The flagship cryptocurrency Bitcoin has seen a rollercoaster in its price, fluctuating greatly over the last week. Notably, the price of BTC began the month by dropping to $56k on May 1, a point not reached in over two months. The decline was fueled by the US Fed’s refusal to raise the interest rate. However, starting May 2, the price of the leading asset surged significantly, shooting past the $60k mark.

Entering the weekend, Bitcoin continued its upward trajectory, rising as high as $64,000. Nevertheless, Sunday, May 5 brought a brief period of retracement, clearing the ground for a spike to $65,500 on Monday morning, representing the highest point reached in the previous 12 days.

As the excitement brewed across the market, the bulls took over, sending the price of the asset nosediving and falling by $3,000 to trade at $62,000. However, at the time of writing, the price of BTC has recovered much of the loss. According to data from CoinMarketCap, Bitcoin (BTC) is now trading at $64,146, representing a 1.68% drop in the last 24 hours. What is more, the trading volume of the asset has grown by 43.3% to $29.3 billion within the recorded time.

bitcoin price chart
Source: CoinMarketCap

Top Altcoins Take Major Hit

Meanwhile, on the altcoin front, top cryptocurrencies in the category including Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), and Avalanche (AVAX) took a major hit following the situation.

According to the CoinMarketCap chart, Dogecoin has plummeted by 5.11% over the last 24 hours to trade at $0.158. The trading volume on the other hand has jumped by 13% to reach $1.54 billion, losing about 5% of its market cap of $22.8 billion.

The second-largest memecoin Shiba Inu has dropped by 6.58% within the recorded time to trade at $0.00002394. Its market cap has also lost a similar amount, resting at $14.1 billion. Cardano (ADA) has dropped by 4.55% in the last 24 hours to $0.45.

Avalanche (AVAX) has taken the most significant hit among the top tokens. CMC data reveals that AVAX has declined by 6.7% to trade at $36.9. Consequently, its market cap has dropped to $14 billion, shifting it to the #11 spot on the global crypto market chart. Ultimately, the total crypto market cap has dropped by 2.04% to $2.36 trillion, representing over $60 billion loss in the last 24 hours.

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