On the evening of April 13, while altcoin projects suffered another significant blow, Bitcoin‘s market dominance continued to rise. On the same day, during a tumultuous evening session, Bitcoin’s price fell by $5,000, reaching its lowest level in several weeks at $61,000. Altcoin projects, on the other hand, took an even harder hit with numerous double-digit price falls.
Bitcoin’s Weekly Performance
Just 48 hours earlier, Bitcoin’s price had calmly surpassed $70,000 and even challenged $71,000 but without success. The situation worsened following speeches by senior officials representing the US central bank on the evening of April 12, indicating that the Fed had no plans to start cutting interest rates anytime soon.
Within minutes, Bitcoin’s price plummeted nearly $6,000 to $65,000. Interestingly, even the price of gold fell by about 4%, while nearly all financial markets took a downturn on April 12. Bitcoin managed a slight recovery on the morning of April 12, climbing just above $67,000. However, tensions quickly escalated between Iran and Israel, bringing the cryptocurrency’s price down once again.
Bitcoin’s price retreated to just above its multi-week low of $61,000, leaving over $700 million in liquidations in the futures market. Following this period, Bitcoin witnessed a significant rally and was trading at $65,535 at the time of writing.
The market capitalization dropped by approximately $130 billion since April 12, falling to $1.270 trillion. However, its dominance over altcoins increased by about 2% in the same time frame.
What’s Happening in the Crypto Market?
Bitcoin prices headed downward, and as usual, most altcoins followed suit, with notable declines in the last 48 hours. While many altcoins are trying to recover, the outlook remains quite painful for the second consecutive day. As the graph below shows, there have been numerous double-digit price drops with SOL, XRP, DOGE, TON, ADA, AVAX, SHIB, DOT, and ETH continuing to be affected by the downturn.
The total market value of cryptocurrencies fell from approximately $2.8 trillion on the morning of April 12 to about $2.330 trillion by the evening. Since then, it has recovered by roughly $100 billion, but there is still a 5% decline on the day.
