Bitcoin (BTC) Rebounds From the Crash to $80,000, These Altcoins Plummet by Double Digits (Market Watch)
The cryptocurrency market has witnessed a turbulent 24 hours, marked by significant fluctuations in Bitcoin (BTC) and its altcoin counterparts. Bitcoin briefly dipped to a low of $80,000 before showing signs of recovery, trailed closely by substantial losses among alternative cryptocurrencies.
Another Downtrend for BTC
Bitcoin’s downward trajectory has been evident over the past several days, illustrating a lack of momentum needed to maintain upward momentum. According to reports from CryptoPotato, Bitcoin had stabilized around $86,000 during the weekend; however, the onset of the business week presented a new challenge for bulls. Earlier today, BTC dropped to a concerning $80,000, leading to liquidations totaling over $600 million within a 24-hour timeframe. Fortunately, BTC managed to bounce back to approximately $84,000 as per CoinGecko’s data.
The recent volatility is anticipated to endure in the short term, particularly as market participants await pivotal events, including the upcoming US Consumer Price Index (CPI) report set for March 12. This report will unveil the inflation rate for the world’s largest economy, a factor likely to influence potential interest rate adjustments from the Federal Reserve—historically, such actions have considerable implications for Bitcoin’s price trajectory.
Currently, Bitcoin’s market capitalization rests near $1.66 trillion, and its dominance over altcoins remains relatively stable, hovering around 58.1%, consistent with levels observed as of March 9.
Alts Turn Red
The altcoin market has similarly been affected, with Ethereum (ETH) experiencing a sharp decline to below $2,000—a notable multi-year low. As it stands, Ethereum is seeing a slight recovery, currently valued at around $2,120.
Other notable cryptocurrencies such as Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC) have not fared any better, tracking along the same downward path. Notably, Pi Network (PI) has continued its decline, currently positioned at approximately $1.43, which reflects a daunting 14% drop over the week.
Interestingly, a handful of cryptocurrencies within the top 100 have shown resilience, with Ethena (ENA), Aave (AAVE), and Story (IP) managing to list gains amid broader market setbacks.
The cumulative cryptocurrency market cap is currently estimated at about $2.82 trillion, indicating a 5% decrease in value for the day.
Crypto Heatmap, Source: QuantifyCrypto
Investors and enthusiasts are advised to stay vigilant as the market navigates these turbulent waters, especially in light of potential price influences looming from macroeconomic indicators.
