The cryptocurrency market is currently in a correction as it seems that the bulls are taking a breather following their rally from the past few days. This has caused the total capitalization to drop to around $2.45 trillion, losing roughly $40 billion in the past 24 hours.
Bitcoin’s price is also declining, alongside most of the altcoins, so let’s have a look.
Bitcoin Price Dips Below $64K
The BTC bulls were unable to sustain the price above $66K earlier in the week, and since then, the bears have managed to take control.
Sellers are now attempting to drag BTC below $63K, having contributed to a 2% daily decline.
According to CoinGecko data, Bitcoin’s dominance—the metric that gauges its share relative to that of the rest of the market—is currently at 51.2%. It has declined by around 0.2% in the past 24 hours, meaning that altcoins, collectively, are faring relatively better.
The volatility that we saw this week comes amid raging political turmoil in the US as the Presidential elections draw near. Prominent figures in the crypto community are voicing their opinions, including Messari’s Ryan Selkis, Ethereum’s Vitalik Buterin, Cardano’s Charles Hoskinson, and many more.
Altcoins Also Decline
The majority of altcoins are also on the decline. Some are obviously doing better than others. For instance, SOL, TRX, and TON have managed to stay in the green despite the broader market downturn, albeit ever so slightly.
Others, such as Ripple’s XRP, AVAX, ADA, UNI, MATIC, and so forth, are charting declines that are a bit more substantial—between 3% and 5%.
It’s not all doom and gloom, however. Some cryptocurrencies have managed to defy the downturn in the past 24 hours. Mantle is up 10%, while WIF is up 6%.
On the other hand, the worst performers during that period are Lido DAO (LDO) and GALA, both of which lost almost 7%.
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Cryptocurrency charts by TradingView.