Bitcoin Inches Closer to $27,000, Altcoins Experience Mixed Performance
Crypto News – While the freefall has ceased, Bitcoin is still facing challenges as its price remains just below the $27,000 mark. In recent days, the altcoin market has displayed relative stability on a daily basis, but overall price declines have taken a toll on several altcoins.
BTC Dips Below $27K Again
Bitcoin had been performing well until a few days ago, yet it encountered resistance at the $28,000 level, acting as a negative catalyst for its recent price movements. The week began with minor price drops, eventually leading to Bitcoin slipping below $27,000 for the first time in October.
Over the past 24 hours, the asset has remained relatively stagnant, struggling to surpass the $27,000 mark. Consequently, this has further affected the market capitalization, which has declined by a few billion and currently hovers just above $520 billion. However, Bitcoin’s market dominance has seen a slight increase and now stands at 50%.
ETH Hits a 7-Month Low
The second-largest cryptocurrency, Ethereum (ETH), has also faced a challenging period in recent days. While trading near $1,800 earlier this month, it started losing value, possibly coinciding with the Israel-Hamas conflict.
In a matter of days, the cryptocurrency saw a drop of over $200. As a result, ETH fell to just under $1,550 earlier today, marking its lowest price point since March of this year.
Solana and Dogecoin also experienced slight declines in their daily trading, while Toncoin saw the most significant dip among the larger-cap altcoins, losing just over 2% on a daily basis.
On the other hand, Binance Coin, Ripple, and Cardano saw minor gains. Nonetheless, the total crypto market capitalization has remained relatively steady, slightly surpassing $1.050 trillion on CoinMarketCap.
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