Bitcoin’s price performance took a sharp turn for the worse in the past several hours, dropping to a 6-week low of under $28,800. The altcoins are also in the red, and the total crypto market cap has declined by over $20 billion.
BTC Under $29K Bitcoin doesn’t tend to stay silent for long, which could have prepared the community for what happened in the past 24 hours. This is because the cryptocurrency was trading quietly in a range between $29,000 and $29,000 for roughly a week, and even the US Fed’s interest rate hike on Wednesday didn’t change the landscape all that much.
Then came the weekend, typically a less eventful part of the week by nature, and BTC remained just under $29,500. However, all of that changed during the Asian trading session today when the bears took control and pushed BTC south hard. As a result, the asset fell to its lowest price position since June 21 at $28,750 (on Bitstamp).
It has managed to recover a few hundred dollars since then but still stands under $29,000. Its market capitalization has retraced to $562 billion, and its dominance over the alts sits at 48.3% on C