Arbitrum Drops 25% Weekly, Bitcoin Hits Monthly Low
- Bitcoin and altcoins experience significant losses, with some dropping over 25% weekly.
- Bitcoin’s market capitalization stalled at $530 billion, while its dominance over altcoins is at 46%.
- The total crypto market cap remains relatively still at $1.150 trillion.
Bitcoin has experienced a recent decline in value. After reaching a high of over $30,000 just 10 days ago, the cryptocurrency has fallen to nearly one-month lows of $27,000.
This is a significant drop, and the situation is looking grim for other cryptocurrencies as well. For instance, ARB and FXS have dropped by over 25% weekly, indicating a market-wide decline.
The past few days have seen bitcoin struggling to maintain its price point. After a failed attempt to pump up to $28,000, the asset’s price fell to $27,000, marking its lowest price in a month. While bitcoin has since recovered some ground, its current position is still 8% down on a weekly scale. This decline in value is reflected in its market capitalization, which has stalled at $530 billion. Additionally, bitcoin’s dominance over other cryptocurrencies is at 46%, indicating a market shift.
Other cryptocurrencies have also experienced a decline in value. ETH, for example, reached over $2,100 after completing the Shapella update but has since lost roughly $300. As a result, the second-largest cryptocurrency is struggling to remain above $1,800. Ripple, Cardano, Dogecoin, Solana, Polkadot, and Shiba Inu have all experienced a decline in value on a daily scale. Polygon has been hit the hardest, with a 3% drop, and is now trading below $1.
Avalanche is one of the few altcoins that have experienced an increase in value. It has gained 3% on the day and is currently trading at $17. However, the situation with Arbitrum and Frax Share is the most painful on a weekly scale. Both assets have declined by over 25%, with Frax Share now trading under $8 and Arbitrum at $1.3.
The total crypto market cap has remained relatively still at $1.150 trillion. While the situation is looking bleak for cryptocurrencies at the moment, it’s important to keep in mind that the market can change rapidly, and it’s possible that these assets could experience a rebound in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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