The last 24 hours have offered a new wave of instability for the cryptocurrency market. Bitcoin (BTC) slipped to as low as $80,000 before the bulls recovered some of the losses.
The alternative coins have followed the negative performance of the leading digital asset, with many of them charting substantial losses.
Another Downtrend for BTC
Despite its brief spikes, Bitcoin has been on an evident downfall in the past several days. As CryptoPotato reported, the price consolidated at around $86,000 over the weekend, but the bulls had to take another blow with the start of the business week.
A few hours ago, BTC tanked to as low as $80,000, resulting in multi-million liquidations on a 24-hour scale. Since then, though, the asset stepped on the gas pedal again, recovering to almost $84,000 (per CoinGecko’s data).
The enhanced volatility is expected to continue in the short term due to some upcoming events. One of those is the latest US CPI report scheduled for March 12. It will reveal the inflation rate in the world’s biggest economy, which could trigger an interest rate adjustment by the Federal Reserve. Historically, such efforts have affected BTC’s price performance.
Meanwhile, the asset’s market capitalization stands at approximately $1.66 trillion, while its dominance against the altcoins is almost the same as on March 9 – around 58.1%.
Alts Turn Red, too
The altcoins have also gone into red territory. At one point, Ethereum (ETH) collapsed to a multi-year low of under $2,000. It later recovered some of the losses, and as of this writing, it is worth around $2,120.
Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), Toncoin (TON), and many more have performed quite poorly, too. For its part, Pi Network (PI) continues to suffer and is now worth around $1.43, representing a 14% decline on a weekly scale.
The very few top 100 cryptocurrencies that have charted some gains in the last 24 hours include Ethena (ENA), Aave (AAVE), and Story (IP).
The total cryptocurrency market capitalization currently stands at roughly $2.82 trillion, representing a 5% decrease for the day.
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Cryptocurrency charts by TradingView.
