Bitcoin’s sharp rally on Thursday evening reversed quickly, with the leading cryptocurrency plunging more than $4,000 since then to trade below $78,000 — a multi-week low.
Nearly all large-cap altcoins are also in the red today. Notable decliners include HYPE, ZEC, SOL, SUI, LINK, and CC, which registered some of the largest losses.
BTC Falls Below $78,000
Bitcoin surged to nearly $83,000 on May 7 but was pushed down to $79,000 within two days. Buyers returned, driving the price back to roughly $82,000 on multiple occasions the following Monday and Tuesday, yet momentum faded as concerning U.S. inflation data renewed selling pressure.
After a rejection at about $81,200, Bitcoin slipped to $78,800 on Wednesday and held near that level briefly before jumping several thousand dollars to $82,000 on Thursday. That short-lived advance coincided with positive progress on the CLARITY Act in the U.S. after the bill moved through the Senate Banking Committee.
The rally proved temporary as bearish sentiment reasserted itself. Over the past 12 hours markets turned particularly weak, driving Bitcoin down to its lowest point since the start of the month, below $78,000.
Bitcoin’s market capitalization has declined to approximately $1.56 trillion, while its dominance over alternative cryptocurrencies has risen to about 58.4% according to CoinGecko.
Altcoins Suffer Steep Losses
Most altcoins tracked Bitcoin lower today. Ethereum fell more than 3.5% to a multi-week low near $2,170. BNB lost around 4.5%, trading near $650, and XRP hovered close to $1.40. Solana plunged roughly 5.5% to about $6.
Among large-cap tokens, HYPE experienced the steepest drop. Following a sizable surge the day before, HYPE has now retraced roughly 10% and is attempting to hold above the $40 mark. Other tokens showing significant declines include ZEC, LINK, CC, SUI, and AVAX.
Some smaller-cap projects such as STABLE, VVV, and ENA plunged double digits over the past 24 hours. Overall market pain is visible: the total cryptocurrency market capitalization has fallen by about $100 billion since Thursday and sits well under $2.7 trillion on CoinGecko.