Bitcoin and Ethereum Down 3%, Top Altcoins Fall as Market Sees Red
Bitcoin (BTC) is down 2.8% over the past 24 hours, falling from a high of $28,280 to a recent low of $27,058, and is settled at $27,368 at the time of writing, according to data from Coingecko.
The past seven days have seen a clear decline for the top cryptocurrency by market cap, with a high of $29,724 on May 5, a 6% loss on the week, and wiping $45 billion off its market cap. BTC market cap is currently sitting at $530 billion.
Ethereum, the second largest cryptocurrency by market, has also seen negative price action, with its value falling by 3.3% over the past 24 hours, trading at $1,818 at the time of writing.
The decline comes amid a broader crypto market selloff, with red candles hitting major and minor altcoins. Major cryptocurrencies such as Cardano (ADA), Dogecoin (DOGE) and Polygon (MATIC) are seeing losses within the range of 2-5%.
Litecoin (LTC) and Monero (XMR), however, are among the few that haven’t seen their prices drop.
While most losses for major BTC, ETH, and major altcoins are below 5%, the past week has seen significant declines, with many cryptocurrencies reaching double digits.
According to Coingecko, the global cryptocurrency market cap is $1.2 trillion today, showing a decline of 2.5% over the past 24 hours.
A sudden drop in prices can happen for a number of reasons. On the one hand, after days of skyrocketing bitcoin fees that saw Binance block withdrawals, fees have come down, delaying selling by market participants.
The news may also have marked a sharp sell-off from investors, despite a momentary push from bitcoin and ethereum after April’s inflation numbers came in lower than expected.
To the detriment of the broader cryptocurrency market, the majority followed bitcoin’s lead, mimicking its price action with large price swings due to its smaller market cap.
Source: decrypt.co