Bitcoin’s $3,000 Drop Results in a Loss of Over $60 Billion across the Cryptocurrency Market
Bitcoin, the largest cryptocurrency by market capitalization, has experienced a tumultuous ride in recent days. Its price surged, briefly reaching the $65,000 mark before retracting and losing $3,000 to settle at $63,000. Similarly, the altcoin market suffered significant losses, with popular tokens like Dogecoin, Shiba Inu, Cardano, and Avalanche all experiencing major declines.
Bitcoin Loses $3,000 After Reaching $65,000 Peak
The flagship cryptocurrency, Bitcoin, has seen extreme price fluctuations over the past week. Notably, on May 1, the price of BTC dropped to $56,000, a level not seen in over two months. This decline was fueled by the US Federal Reserve’s decision not to raise interest rates. However, starting from May 2, the price of Bitcoin experienced a significant surge, surpassing the $60,000 mark.
Heading into the weekend, Bitcoin continued its upward trend, reaching as high as $64,000. However, on Sunday, May 5, a brief retracement occurred before a spike to $65,500 on Monday morning, marking the highest point in the previous 12 days.
As excitement spread throughout the market, the bulls took control, causing the price of Bitcoin to plummet by $3,000, trading at $62,000. However, as of the time of writing, the price of BTC has recovered much of the loss. According to data from CoinMarketCap, Bitcoin is now trading at $64,146, representing a 1.68% decrease in the last 24 hours. Additionally, the trading volume of the asset has increased by 43.3% to $29.3 billion during this period.
Source: CoinMarketCap
Major Declines for Top Altcoins
Meanwhile, in the altcoin market, top cryptocurrencies such as Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), and Avalanche (AVAX) have all suffered significant losses following the situation.
According to the CoinMarketCap chart, Dogecoin has plummeted by 5.11% in the last 24 hours, trading at $0.158. However, the trading volume has increased by 13% to reach $1.54 billion, resulting in a 5% loss in market capitalization, which now stands at $22.8 billion.
The second-largest meme coin, Shiba Inu, has seen a decline of 6.58% during the recorded time, trading at $0.00002394. Its market capitalization has also dropped by a similar amount, resting at $14.1 billion. Cardano (ADA) has experienced a 4.55% decrease in the last 24 hours, settling at $0.45.
Among the top tokens, Avalanche (AVAX) has been hit the hardest. CMC data shows that AVAX has declined by 6.7% to trade at $36.9. Consequently, its market capitalization has dropped to $14 billion, pushing it down to the 11th position on the global cryptocurrency market chart. Ultimately, the total cryptocurrency market cap has decreased by 2.04% to $2.36 trillion, resulting in a loss of over $60 billion in the last 24 hours.
Tags
Avalanche (AVAX)
Bitcoin (BTC)
Dogecoin
Shiba Inu
Solana
