These Altcoins Suffer the Most as Bitcoin (BTC) Slides to $83K (Market Watch)
Bitcoin’s price trajectory has recently experienced a series of fluctuations, culminating in a noteworthy drop after attempting to breach the $85,000 mark. On the previous day, the leading cryptocurrency faced resistance just shy of this threshold, retreating approximately $2,000. The sentiment surrounding Bitcoin has transitioned from exuberant optimism to cautious scrutiny as market dynamics shift.
### BTC Stopped at $85K
Last week’s trading was marked by significant volatility. Bitcoin’s performance took a sharp downturn on Monday and Tuesday, with prices plummeting by $9,000 in a mere 48 hours, causing it to hit a four-month low below $77,000. However, a rebound followed, allowing Bitcoin to recapture the $80,000 level swiftly. The ascent continued, leading it to reach $85,000 midweek, spurred on by positive consumer price index (CPI) reports from the U.S. Yet, momentum faded, and the weekend was characterized by sideways trading near $84,000.
Despite repeated attempts to break above $85,000, Bitcoin again slipped to $82,000. Nevertheless, it managed to hold this level, briefly sparking another surge towards the $85,000 mark, only to see those gains evaporate. Currently, Bitcoin hovers below $83,000, reflecting a loss of about $2,000 since its peak. Market analysts are growing concerned, with CryptoQuant’s CEO warning that the bullish cycle may have reached an abrupt conclusion. At present, Bitcoin’s market capitalization has dipped below $1.65 trillion, while it retains a dominance of 58.6% over other cryptocurrencies, according to CoinGecko (CG).
### PI Keeps Dumping
The altcoin market has not fared well, with numerous cryptocurrencies experiencing significant declines. Leading this downturn is the Pi Network’s token, which has plunged by 16% in the last 24 hours, struggling to maintain levels above $1.1. Major altcoins such as Solana, Cardano, Dogecoin, Ripple, Shiba Inu, and Litecoin are trailing closely behind, suffering losses of up to 4% in the case of Shiba Inu and Litecoin.
Conversely, some altcoins have bucked the trend. OKB has gained over 5%, trading well above $50, alongside other notable gainers like AVAX, TRX, and TON. Overall, the cumulative market capitalization of all cryptocurrencies has declined by approximately $20 billion since yesterday, settling at $2.8 trillion.
As the crypto market continues to navigate this turbulent environment, traders and investors alike are advised to proceed with caution, keeping a wary eye on Bitcoin’s resilience and the performance of altcoins.
