After a relatively calm weekend, during which it remained hovering around the $16,800 mark, the primary cryptocurrency, bitcoin, saw a minor uptick at the start of the new week. This pushed the asset’s price to the $17,000 mark, although it ultimately failed to break through that level, as it has done several times in the past few weeks.
However, this minor rejection was followed by a significant dip in the price of bitcoin, which fell below $16,700 for the first time in over a week. This downward trend came even though business intelligence firm MicroStrategy had announced its latest bitcoin purchase.
Despite experiencing a decrease in market capitalization, which is now just below $320 billion, the cryptocurrency known for its dominance over altcoins has maintained a market share of over 40% on CoinMarketCap. This suggests that it continues to hold a significant influence in the market.
It’s also been a rough few days for Terra Classic and Solana in the cryptocurrency market. Terra saw a significant drop in value, with a double-digit decline yesterday and an additional 8% drop today, bringing its price down to $0.00014.
On the other hand, Solana has been struggling since FTX and Alameda filed for bankruptcy. The past 24 hours have been particularly tough for the asset, with a steep drop that has taken its value below $10 for the first time in a while.
One surprising development in the market has been the poor performance of Terra Classic, which had previously seen several consecutive days of price gains. However, the trend changed when Binance updated its burning mechanism.
LUNC, on the other hand, had been experiencing a positive trend with consecutive days of price gains, but the market changes have also affected its performance.
However, many of the larger-cap altcoins are seeing significant declines in value. Ripple, Cardano, and Litecoin have all experienced significant losses, while Ethereum, Binance Coin, OKB, and Tron have seen only minor gains. As a result, the overall market capitalization of the cryptocurrency market has remained relatively stable, hovering just under $800 billion.
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