Compass Investments

– The entire market remains in negative territory on a daily and weekly basis.

In recent hours, the bitcoin price situation has worsened, with the asset falling below $6000 for the first time in weeks.

Bitcoins reacted to the collapse even worse: ETH fell below $2900, while SOL, DOGE and BCH fell in price by 6-7% . Last weekend was also quite volatile, but the situation was quite different. At that time, BTC was on the rise thanks to Donald Trump’s participation in the conference and his speech in support of cryptocurrencies. However, the asset was moving mostly northward, reaching a high of $70,000 on Monday, the highest level in almost seven weeks.

Once later, however, when BTC fell by $4,000, the situation changed: after a brief lull around $66,000, the bear camp became prevalent again, especially on Friday. After news broke that the US unemployment rate rose to its highest level since 2021, bitcoin fell sharply from $66,000 to $62,200 in a matter of hours.

BTC fell significantly along with other risky assets such as US stocks. However, the pullback continued over the weekend as bitcoin trading never stops. As a result, the price fell to just under $60,000 today, its lowest level in three weeks.

BTC has since recovered a bit and is now just above that major mark, but is still down 2% in one day and more than 10% since last Sunday. Its market capitalization has fallen below $1.2 trillion, but its dominance over altcoins has increased to 53.2% on a CU basis.

BTC’s growing dominance amid a bitcoin sell-off means altcoins are lagging behind. Among the major altcoins, SOL (-7% ), DOGE (-6% ), AVAX (-5% ), SHIB (-5% ), BCH (-7% ) and NEAR (-8% ) lost the most.

Ethereum and the BINANCE coin fell another 3% to $2,890 and $523 respectively; XRP, TON, ADA, LINK, UNI and LTC also declined, albeit less painfully.