After being rejected at $78,000 earlier this week, Bitcoin’s situation deteriorated further as it plunged to a monthly low just above $74,000 before finding support.
Most major altcoins mirrored Bitcoin’s decline: Ethereum fell to around $2,000, BNB dropped to about $640, and XRP slid to roughly $1.31.
BTC Charts Monthly Low
Momentum driven by progress on the CLARITY Act late last week sparked a rapid, short-lived rally that pushed Bitcoin to $82,000. That level proved to be resistance, however, and the market reversed sharply after being rejected there for the second time in a week.
The coin eased back to $79,000 by Friday and then to $78,000 over the weekend. The new business week opened poorly, with prices tumbling to $76,000. A brief rebound to $78,000 on Tuesday and Wednesday failed to hold as sellers seized control once more.
Bitcoin retreated to $76,000 on Thursday evening and continued sliding into Saturday, touching $75,000 before dipping to $74,200 — its lowest mark in over a month. Several factors likely contributed to the roughly $8,000 decline over less than 10 days, including profit-taking, macroeconomic concerns, and technical selling pressure.
At present, Bitcoin’s market capitalization has fallen below $1.5 trillion on CoinGecko, and its dominance over altcoins has eased slightly to about 58%.
Altcoins Suffer Broad Losses
Bitcoin’s correction has not been isolated. Most large-cap altcoins are trading lower today. Ethereum briefly traded near $2,000 before recovering modestly to about $2,025. BNB is near $640, XRP is struggling to hold above $1.30, and Solana has fallen more than 6%.
Other tokens including Dogecoin, HYPE, Zcash, Cardano, Bitcoin Cash, Chainlink, Sui and many more have also seen similar or steeper declines.
The total crypto market capitalization has dropped by roughly $100 billion since Thursday and now sits around $2.57 trillion on CoinGecko.