The leading cryptocurrency, Bitcoin has fallen to $60,661 following a broad market downturn that has left most assets in the red.
This decline has also seen the total market capitalization of the cryptocurrency sector drop by a substantial $70 billion.
Bitcoin initially sank below $60,000 for the first time in several weeks but later recovered slightly to $60,661 at the time of this report.
The downturn affected other major cryptocurrencies as well. Ethereum fell below $2,900, while Solana (SOL), Dogecoin, and Bitcoin Cash experienced declines of 6–7%.
Bitcoin reached a seven-week high of $70,000 following favorable comments about cryptocurrency from prominent figures such as Donald Trump, Senator Lummis, and Michael Saylor at the Bitcoin Conference in Nashville. However, this peak was short-lived, with the price dropping to $66,000 before falling further to $62,000 on Friday, influenced by news of the US unemployment rate reaching its highest level since 2021.
Over the weekend, Bitcoin fell below $60,000, mirroring declines in riskier US stocks and the broader crypto market. It has since slightly recovered to $60,661, though its market capitalization has slipped below $1.2 trillion.
As of the latest report, Bitcoin is trading at $60,661, down 1.7% in the past 24 hours. Its price has fluctuated between a high of $62,161 and a low of $59,909 over this period. The cryptocurrency is down 10% over the past week and 17.7% from its all-time high of $73,737.
Altcoins have also suffered due to the market downturn. Major losses over the weekend include Solana (-7%), Dogecoin (-6%), Avalanche (AVAX) (-5%), Shiba Inu (SHIB) (-5%), Bitcoin Cash (-7%), and Near Protocol (-8%). Ethereum dropped to $2,890 before recovering slightly to $2,907, while Binance Coin fell to $523 before dropping further to $349.
The total cryptocurrency market capitalization has decreased by $70 billion, now standing at $2.230 trillion. All of the top 19 cryptocurrencies by market cap are currently in the red. Despite the overall market decline, Bitcoin’s dominance over altcoins has increased to 53.2%, according to Coingecko.
