Cryptocurrency Market Drops 90 Billion in 2 Days Bitcoin BTC Falls by 67000 Market Observation

Coin World News reported:
Bitcoin failed to break the $70,000 support level, resulting in immediate selling pressure, as the asset dropped below $67,000 in the past few hours.
Altcoins are also in a state of loss, as the total market capitalization of cryptocurrencies has dropped from the local peak of $2.5 trillion on Monday morning to just over $2.4 trillion.
BTC falls below $67,000
After ending a highly positive trading week on Friday, major cryptocurrencies calmed down over the weekend. It surged from $62,500 on Monday to $69,000 on Friday, then slightly fell to $68,000 on Saturday and Sunday.
The situation was more favorable at the opening on Monday, as the asset rose to $69,500 for the first time since late July. However, it failed to continue its upward trend and quickly declined before it had a chance to challenge $70,000.
This led to an immediate price drop, reaching $66,600 yesterday. It has attempted to bounce back since then, but bears have been suppressing it, and the cryptocurrency’s current trading price is once again well below $67,000.
Its market capitalization on CoinGecko has dropped to $1.32 trillion, but its dominance over altcoins has risen from 54.5% yesterday to 54.8%.
Bitcoin/Price/Chart 23.10.2024. Source: TradingView
Alts See Red
During Bitcoin’s correction, the increasing dominance of BTC only means one thing – the situation is worse for altcoins. Some of the worst-performing large-cap alts include SUI, APT, UNI, and WIF. All of them have dropped more than 5% in the past 24 hours.
Most of the remaining alts in the top 36 slots are in a similar state, but with slightly less intensity. XRP, DOGE, LINK, and AVAX have all dropped by about 3-4%. ETH and BNB have declined by 1.5% each, falling below $2,600 and $580, respectively.
The cumulative market capitalization of all cryptocurrencies on CG has dropped to $2.41 trillion. This means that the indicator has decreased by approximately $90 billion since its peak on Monday.
Cryptocurrency market overview. Source: QuantifyCrypto