Bitcoin drops $ 58k, BTC, market, altcoin, price

Bitcoin hits nearly $ 58,000 as the rest of the altcoins are covered in red as we can see in our latest bitcoin price news and analysis today.

Bitcoin hit a new multi-month high of $ 58,000 before falling slightly, but most other coins continued to depreciate against BTC and the dollar, with some big declines seen from Solana, Ripple, Polkadot, Terra, Uniswap and Avalanche. Altcoins continued to suffer for the past day and Ethereum failed to hold above $ 3,600 and a 3.5% drop pushed it below $ 3,500. The rest of the altcoin landscape was even worse as Binance Coin fell nearly below the $ 400 mark for the first time in a week. Cardano cleared 5.5% in one day and is now at $ 2.10.

Ripple, Polkadot, Dogecoin, Solana, Terra and Uniswap as well as Litecoin and Avalanche have continued to lose value for a day. XRP is $ 1.10 while SOL is $ 143. DOGE fell below $ 0.23 while LUNA fell below $ 40 and UNI fell below $ 23. Even more losses were seen from Altcoins, such as Ren down 15%, IOTA down 12% and THORChain down 11%. THETA also loses 10% and Avalanche loses 10%. However, the market fell about $ 60 billion in a single day, but managed to support another $ 2.3 trillion.

Bitcoin is approaching $ 58,000 and its performance is in contrast to altcoins for the past few days. This is supported by the growing dominance of BTC, which hit a two-month high of 47%. For reference only, this metric fell below 44% two weeks ago and the top digital asset is slowly gaining ground but has seen some appreciation since topping $ 50,000. it rebounded to $ 55,000 and hit $ 56,000 in the next few days to hit a new 5-month high.

After dropping to $ 54,500 last day, it kept going and was only inches from $ 58,000 but stopped there. The bears stopped moving and pushed the coin south, but so far BTC has regained its position and is currently around $ 57,500 with its market cap, nearly $ 1.1 trillion more.

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