Bitcoin Drops To $60000

Bitcoin drops to $60,661 as a result of the market crash that caused most assets to fall in value. After the crash, the total market value of all cryptocurrencies dropped by an unprecedented $70 billion.

While the story was being prepared, the flagship cryptocurrency Bitcoin had just fallen below $60,000 for the first time in weeks, before recovering slightly to $60,661.

Just as ETH fell below $2,900, SOL, DOGE, and BCH all fell 6-7%, the same happened with altcoins.

Bitcoin through the week

Following a brief weekend of volatility, Bitcoin reached $70,000, a seven-week high, thanks to a number of pro-crypto speeches delivered by prominent figures at the Bitcoin Conference in Nashville, including Donald Trump, Senator Lummis, and Michael Saylor.

Shortly after reaching the 70,000 price point, the asset was sold for $4,000 less, settling at $66,000. After reports surfaced that the US jobless rate had reached its highest level since 2021, Bitcoin’s price plummeted from $66,000 to $62,000 on Friday.

The general crypto market turned red over the weekend, sending Bitcoin and other speculative US equities down below $60,000. But by the time the report was ready, it had recovered somewhat, reaching $60,661. The current market capitalization of Bitcoin is less than $1.2 trillion.

How is Bitcoin faring at the moment?

Bitcoin has ranged in price from a low of $59,909 to a high of $62,161 in the last 24 hours, with a 1.7% decrease from its current price of $60,661 at the time of writing.

Since its all-time high of $73,737, the cryptocurrency asset has lost 10% in the past week and 17.7% overall.

Altcoins drop over the weekend 

Over the weekend, the general market downtime also had a significant impact on altcoins. There is a long history of cryptocurrencies responding to Bitcoin’s performance.

Altcoins with significant market caps that lost the most over the weekend were SOL(-7%), DOGE(-6%), AVAX(-5%), SHIB(-5%), BCH(-7%), and NEAR (-8%).

Both Ethereum and Binance coins saw price drops; Ethereum fell to $2,890 before regaining ground and Binance coins fell to $523 before falling much lower to $349 as of the report’s writing.

What to know

i. The Total crypto market capitalization lost a whopping $70 billion dropping to $2.230 trillion following the general market downturn. The top 19 crypto assets by market capitalization are all in red at the time of this report. 

ii. The Total crypto market capitalization is down by 2.4% in the last 24 hours.

iii. Despite the general market downturn, Bitcoin still maintains reasonable dominance over the Altcoins per CoinGecko data. Bitcoin’s dominance over the altcoins is on the rise to 53.2% according to the crypto stats platform.

Frequently Asked Questions On Bitcoin Drops To $60000 As Market Cap Drops $70 billion

Q: What happened to Bitcoin’s price?

A: Bitcoin’s price dropped significantly from a recent high of $70,000 to below $60,000 due to a broader market downturn.

Q: How much did the overall crypto market lose?

A: The total market capitalization of cryptocurrencies dropped by a substantial $70 billion.

Q: What caused the Bitcoin price drop?

A: The price drop was attributed to a general market downturn, influenced by factors like the increasing US jobless rate and overall market volatility.

Q: What is Bitcoin’s current price?

A: As of the writing of this article, Bitcoin’s price was around $60,661.

Q: How has Bitcoin performed recently?

A: Bitcoin has experienced volatility in the past week, with a peak at $70,000 and a subsequent drop below $60,000.

Q: What is Bitcoin’s market dominance?

A: Bitcoin’s dominance over altcoins has increased to 53.2% following the market downturn.

Q: How did altcoins perform during the market downturn?

A: Altcoins experienced significant price drops, with some losing up to 8% of their value.

Q: Which altcoins were affected the most?

A: SOL, DOGE, AVAX, SHIB, BCH, and NEAR were among the altcoins that suffered the most significant losses.