The cryptocurrency market experienced a downturn as Bitcoin's price faced rejection near $80,000, leading to a correction of over $2,000 and pushing the asset toward the $78,200 level. Bitcoin's market capitalization reduced to $1.570 trillion, with its market dominance standing at 58.8% on CoinMarketCap.
The recent price movement follows a volatile week for Bitcoin. After trading sideways between $77,000 and $79,000 over the previous weekend, the asset dropped toward $76,400 mid-week. Bulls subsequently pushed the price to a three-month high of nearly $82,500 on Thursday. However, following a stronger-than-expected US jobs report on Friday, the cryptocurrency faced renewed bearish momentum that drove the price below $78,800. A brief recovery past $80,400 on Monday morning was followed by another push from bears, bringing the price down to around $78,200.
Altcoins also recorded notable shifts across the market. Ethereum fell back below $2,500 after failing to maintain that level over the weekend and Monday. XRP slipped below a crucial support level, trading around $1.39. Solana stayed above the $100 mark despite a 1.7% daily decrease, and BNB reclaimed the $750 level following a minor increase.
Deeper losses were observed among several large-cap and recently surging altcoins. Tokens such as ZEC, XMR, LINK, and HYPE gave back portions of their recent gains, while TAO dropped by 6% daily. Conversely, DOT spiked by more than 8%. PONS retreated by over 10% following a recent rally, while AERO and PIEVERSE registered daily gains of 16% and 14%, respectively.
Overall, the cumulative market capitalization of all digital assets declined by approximately 1% to reach $2.670 trillion.
