Bitcoin (BTC) Price Plunged Below $61K but Market Recovery Signs Appear (Market Watch
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HOME » MARKET UPDATES » BITCOIN (BTC) PRICE PLUNGED BELOW $61K BUT MARKET RECOVERY SIGNS APPEAR (MARKET WATCH)
Bitcoin (BTC) Price Plunged Below $61K but Market Recovery Signs Appear (Market Watch)
Author: Jordan Lyanchev
Last Updated Mar 20, 2024 @ 09:08
Several altcoins are actually in the green on a daily scale after the recent massacre.
The situation for Bitcoin worsened in the past 24 hours as the asset plummeted to under $61,000 for the first time in over two weeks, but there are some positive signs now.
Most altcoins dumped hard in the past few days, but some have turned green with notable increases from the likes of ARB and STX.
BTC’s Wild Ride
The landscape around Bitcoin was entirely different a week ago. The asset had kept its momentum going and was charting new all-time highs almost daily. This culminated in a price surge on Thursday when the asset tapped $73,800, which is the current ATH.
However, everything started to change the following day as BTC slumped to $66,000 on Friday. The weekend saw unsuccessful recovery attempts, and Monday started on another negative note.
Things took another turn for the worse on Tuesday, especially during the early Asian trading hours on Wednesday. This is when Bitcoin dumped by another few grand to its lowest price position in over two weeks of under $61,000.
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Nevertheless, the asset reacted well to the latest declines and has recovered about $2,000 since the morning lows. Still, being 14% down on the week means that its market capitalization has dropped to $1.233 trillion on CoinGecko, and its dominance over the alts has slipped to just below 50%.
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
Recovery Amid Altcoin Space
The alternative coins plummeted just as badly, if not worse, than BTC in the past few days. Ethereum, for instance, went from over $4,000 to under $3,200. The past 24 hours have not been very positive for the second-largest crypto asset as it now stands around the latter as well.
Solana overtook BNB as the fourth-largest digital asset, and it has remained there even though its price is 3% down on the day to $170, while BNB is up by the same percentage and trades at $525.
Avalanche has dumped the most from the larger-cap alts, having lost another 7% of value. In contrast, TON is up by 6%, while STX, ARB, and OP have charted double-digit price increases.
The total crypto market cap has declined slightly again and remains well below $2.5 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
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About The Author
Jordan Lyanchev
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Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
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