Market Overview
Bitcoin experienced a significant price drop on Monday, losing over seven thousand dollars before recovering to approximately $87,000. Many altcoins also saw declines, with Ethereum (ETH) falling to $2,800 and XRP testing the critical $2.00 support level. Zcash (ZEC), Monero (XMR), and Celsius (CC) have experienced substantial plunges in the past 24 hours.
BTC Price Action
The primary cryptocurrency reached a low of under $81,000 on November 21, marking a loss of more than $25,000 in the preceding ten days. A gradual recovery began that weekend, with the price increasing to $84,000. The business week proved more favorable, as Bitcoin climbed to $88,000 by Wednesday and surpassed this level in the evening.
Bulls drove the price to a weekly high exceeding $91,000 on Tuesday and a subsequent local peak of over $93,000 on Friday. After regaining nearly $13,000 in less than a week, Bitcoin faced selling pressure and declined. It traded sideways for the following 48 hours within a narrow range between $91,000 and $93,000.
However, another downward movement occurred on Monday morning. Within a few hours, Bitcoin slumped from $91,000 to below $86,000, a loss of five thousand dollars. It initially bounced back but then dropped again, reaching a new 10-day low of $83,800 on most exchanges.
The cryptocurrency reacted positively to this recent decline, jumping by roughly $3,000 since then and trading close to $87,000 as of press time. Its market capitalization has stabilized at $1.730 trillion on CoinGecko, with its dominance over altcoins increasing to 57.3%.
Altcoin Performance
Ethereum followed Bitcoin's downward trend yesterday and has not achieved a significant recovery from its weekly lows. It is currently struggling at $2,800 after an additional 1.3% daily decline. XRP managed to hold the $2.00 support level, but the asset is currently testing it again. Dogecoin (DOGE), Solana (SOL), Chainlink (LINK), Stellar Lumens (XLM), and Hedera Hashgraph (HBAR) are also showing daily losses.
The most significant price drops are observed in Zcash (ZEC), which has fallen by an additional 11% daily, Celsius (CC) down by over 11%, and Monero (XMR) with a 6.6% drop to $390. In contrast, PUMP and SKY have gained over 6%, while HASH has surged by 14% to $0.023.
The total cryptocurrency market capitalization remains above $3 trillion, though it is down by $150 billion since Sunday.
