The cryptocurrency market experienced a downturn, with Bitcoin slipping below $84,000 and major altcoins posting significant losses following recent rejections at key price levels.
Bitcoin began the business week with an explosive surge, gaining $7,000 in about 12 hours to reach an eight-month peak of over $87,000. This followed a volatile period that saw BTC drop to $75,000 last Wednesday amid macro developments, including the CLARITY Act being voted down and a US interest rate hike, before rebounding past $80,000 on Friday. After touching $87,000 twice within 48 hours, the asset faced a rejection that drove its price down below $84,000, bringing its market capitalization to $1.680 trillion with a dominance of 59%.
Altcoins largely followed Bitcoin's downward trajectory. Ripple’s XRP was among the poorest performers among larger caps, plunging by more than 7% to under $1.50 after facing a rejection following a push above $1.60. Other major assets seeing losses included DOGE, ADA, XLM, BCH, UNI, CRO, ZEC, NEAR, HYPE, ETH, BNB, SOL, TRX, and XMR.
Conversely, Litecoin (LTC) emerged as a notable exception, rocketing by almost 8% to $68. Overall, the total crypto market capitalization shed nearly 3% over a 24-hour period, declining to $2.850 trillion.
