Bitcoin price action continued its disappointing dominance as the asset fell below $96,000 after holding at that level all weekend.
However, things were worse for altcoins with large daily price drops involving SOL, DOGE, ADA, LINK, AVAX, and more.
After a quiet market over the past weekend, BTC started the new week with a series of consecutive price declines, bringing the asset’s price to a multi-week low of below $93,500. However, market buying responded, preventing further declines.
In fact, BTC managed to recover slightly on Wednesday and return to around $96,000. The asset then surged on Thursday and Friday, especially after positive news from Coinbase CEO, pushing BTC’s price to $99,500 for the first time in about two weeks.
However, things changed drastically after Bybit – one of the largest exchanges in terms of trading volume – suffered a cyberattack that resulted in a loss of $1.4 billion. BTC immediately reacted by dropping more than $4,000 in a matter of hours, falling to $95,000.
Over the weekend, BTC managed to rally slightly and hold above $96,000. However, Monday saw another drop in price that caused it to slip below that level again. As a result, Bitcoin’s market cap has now dropped to $1.9 trillion on CG, but altcoin dominance is increasing.
A large number of altcoins have seen their prices fall in the past 24 hours, in line with BTC’s increasing dominance. Ethereum fell by 4% to below $2,700, while XRP fell by the same amount and is now struggling below $2.5.
More significant falls were seen in Solana, Dogecoin, Cardano, Chainlink, Avalanche, Shiba Inu, and Pepe, with losses reaching 8%. HYPE recorded the biggest loss with a sharp 11.5% drop to $21.5.
The total crypto market capitalization has lost over $60 billion since yesterday and is now down to $3.265 trillion on CG.
