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The global cryptocurrency market capitalization plummeted by $40 billion over a 24-hour period as Bitcoin's price continued to fall. Bitcoin’s price has now dropped below the $28,000 mark, the lowest in about a week.
The cryptocurrency had seen a rapid price increase of nearly $30,000 on Friday. However, the optimism from investors that this positive trend would continue was short-lived. Instead, the bears emerged and dashed any hopes for continued growth, causing the value of many cryptocurrencies, particularly altcoins, to decrease significantly.
Ethereum mirrored that of Bitcoin, experiencing a slight drop in value to $1,850, along with similarly sized price dips for Cardano, Litecoin, Solana, Binance Coin, Dogecoin, and Tron ranging from 3% to 5%. However, Ripple, Avalanche, Polygon, and Shiba Inu experienced an even greater decline by 5% or more.
APB, NEAR, ICP, LDO, HBAR, and FTM fell by 6% to 7%, while Bitcoin's market cap declined to $540 billion with a 3.5% daily decline. Bitcoin remains dominant over the rest of the coin market by 47%.
This sudden downtrend has brought unrest to the crypto community, which has been keeping a close eye on the market’s daily activities. Many speculate that the market's rapid fluctuation has arisen from increased volatility, which has peaked over the last week.
As the cryptocurrency market rebounds from these losses, investors remain hopeful that the value of Bitcoin and other altcoins will strengthen in the coming days. However, others remain wary of the market's performance, questioning whether the bearish trend is still in effect.
The current Fear & Greed Index shows that the market is neutral. Reasonably, analysts have had a mix of bearish and bullish signals for Bitcoin, given that the upcoming black swans in the stock market and American banking companies may provide good news for cryptocurrency.
