Bitcoin price surged towards $96,000 in the Asian morning trading session on Monday, but was quickly halted and suffered a sharp decline.
Altcoins, on the other hand, suffered a worse fall, with major price drops for ADA, SUI, AVAX, LINK, and more.
The previous trading week was very volatile as BTC surged above $102,000 on Monday but fell more than ten thousand dollars in 48 hours. This culminated on Thursday with the price falling to a 7-week low of $90,711 (on Bitstamp).
The asset recovered in the following days and rose above $95,000 on Friday, but the rise did not last long. The weekend was a bit slow, with Bitcoin price trading flat around $94,000 to $95,000.
Monday started on a more positive note as BTC surged to $96,000, but the rise was quickly halted. The subsequent rejection had a negative impact on Bitcoin, causing the price to drop by five thousand dollars in a few hours to below $91,000. This week is also expected to be eventful, possibly in a downward trend.
Currently, BTC’s market cap has plummeted to $1.840 trillion, while altcoin dominance has increased to 54.8%.
Altcoins have once again suffered a sharp decline, evident from BTC’s increased dominance. Ethereum fell below $3,200 after a daily drop of 2%. XRP, which was one of the top performers during the weekend, fell by 3.6% to $2.43. BNB, SOL, DOGE, and TON also recorded similar declines.
On the other hand, Cardano, Tron, Sui, Avalanche, and Chainlink suffered significant drops of up to 7%, as was the case with ADA and SUI.
The total market cap of all crypto assets has shrunk by another $100 billion. This figure has now dropped to $3.360 trillion according to CG.
