The entire cryptocurrency market is seeing significant declines both daily and weekly.
Bitcoin's price has worsened in recent hours, dropping below $60,000 for the first time in weeks.
Altcoins have suffered even more during this weekend's crash. Ethereum (ETH) fell below $2,900, while Solana (SOL), Dogecoin (DOGE), and Bitcoin Cash (BCH) dropped by 6-7%.
Last weekend was also volatile but in a different way. Bitcoin's price surged amid a pro-crypto speech by Donald Trump, peaking at $70,000 on Monday, a level not seen in about seven weeks.
However, things changed later that day, with Bitcoin falling by $4,000. After stabilizing around $66,000, the price plummeted to $62,200 following news of a rise in the US unemployment rate. Bitcoin, along with other risky assets like US stocks, took a hard hit.
Bitcoin's decline continued over the weekend, reaching just under $60,000 earlier today, marking its lowest price in three weeks.
Despite a slight recovery to just over $60,000, Bitcoin is still down 2% for the day and more than 10% since last Sunday. Its market cap has dropped below $1.2 trillion, but its dominance over altcoins has risen to 53.2%.
The increased Bitcoin dominance indicates that altcoins are faring worse. Major losers among the top altcoins include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).
Ethereum and Binance Coin have each declined by another 3%, now sitting at $2,890 and $523, respectively. Other altcoins like XRP, TON, ADA, LINK, UNI, and LTC are also down, though less severely.
The total crypto market cap has lost $70 billion since yesterday, now standing at $2.230 trillion, shedding over $300 billion in the past few days.
