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As we approach the halving that occurs every four years, which completely reshapes the cryptocurrency market, activity continues. Eyes had turned to Bitcoin and altcoin prices ahead of the upcoming halving. Bitcoin, trying to hold above $70,000, and its accompanying altcoins seemed to have reversed course in the past few hours.
Current Bitcoin Situation
Things quickly turned around for Bitcoin, the undisputed leader of cryptocurrencies. Within about an hour, the price of Bitcoin fell to $68,000 and then dropped below $66,000 in the last 15 minutes, but later recovered somewhat.
Following the recovery, the BTC price continues to trade at $66,352 at the time of writing. While the cause of this situation is unknown, there is an increase in investors’ questions about whether a similar scenario to past halving periods will occur.
During this period, Bitcoin’s market cap fell to $1.3 trillion while the 24-hour trading volume increased by 13% to $38 billion due to heavy selling.
Considering that halvings generally lead to declines followed by all-time highs (ATHs) in the subsequent year, it may not be wrong to say that this drop could be part of the cycle.
Latest on Altcoins
While all this is happening, eyes have also turned to altcoins. Things did not seem to be going well for ETH, Bitcoin’s closest follower. ETH has fallen to $3,200 after a drop of over 8% in the last 24 hours.
BNB, its closest follower, was showing a relatively stronger performance. Despite the sharp drop in BTC, BNB’s price only saw a 3.55% drop and is at $581.
The biggest loser in the top 10 was ADA, a project that has been much talked about recently. ADA‘s price fell by 19% to $0.46, yet it still holds its 10th place.
During this time, Solana (SOL) price fell to $151.69, while XRP dropped from its $0.60 level yesterday to $0.53.
How deep the market downturn will go continues to be a subject of speculation.
