Bitcoin price volatility has worsened over the past 12 hours or so, with a significant drop of $3,000 sending Bitcoin to a weekly low.
Many altcoins have been hit even harder, with XRP, DOT, LINK, LTC, UNIS, and BCH all dropping more than 5% daily.
BTC falls below $41,000
Bitcoin had a very impressive start to December. This asset entered the last month of the year with less than $38,000, but quickly gained momentum and after four days he had more than $40,000, and even more than $42,000.
The bulls maintained their momentum thereafter, and on December 6, the price breached $44,000 for the first time since May 2022.
After several days of sideways trading, the cryptocurrency began to rise further, hitting $44,700 on Saturday morning, a new 19-month high. The rest of the weekend was less volatile, with BTC hovering around $44,000.
However, Monday started with a steep price drop, with Bitcoin dropping significantly to below $41,000. Nevertheless, the leading digital asset has recovered some of its daily losses and is now above $42,000. This volatility adversely affected overleveraged investors, with over $400 million worth of positions liquidated per day.
Although BTC's market capitalization has now declined to less than $830 billion, BTC's dominance over alternatives remains at 52.4% in CMC.
alternative drop hard
This often happens when BTC faces extreme volatility, but so do most alts. In this case, red occupies almost the entire chart.
Ethereum has fallen more than 4% and is hovering below $2,250. Binance Coin, Solana, Dogecoin, Tron, Polygon, and Shiba Inu also decreased by a similar percentage.
Further daily losses are from Ripple, Polkadot, Chainlink, Litecoin, Uniswap, Cardano, Bitcoin Cash, Stellar, and more. In their situation, the drop is about 5-7%.
The market capitalization of cryptocurrencies at one point lost more than $80 billion, dropping from $1.64 trillion to $1.56 trillion at the intraday low.
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Cryptocurrency charts by TradingView.
