Bitcoin (BTC) Falls $3,000, Crypto Market Loses $60 Billion (Market Watch)

Bitcoin prices continued to rise for several days, hitting a high of over $65,500 yesterday, only to quickly fall by more than $2,000.

Altcoins also saw significant drops today, with DOGE, SHIB and AVAX being the worst performers among the major coins.

BTC Stalled at $65,500

The major cryptocurrency had a very volatile and painful last week, dropping dramatically to a two-month low of $56,500 on Wednesday, before going on a rollercoaster again when the US Federal Reserve announced it would not raise interest rates that same day, but the real rebound began on Thursday and Friday.

In fact, the asset surged thousands of dollars on Friday, topping $60,000, and continued to rise over the weekend, approaching $64,500. After briefly dropping on Sunday, the asset rallied again on Monday morning, soaring to a 12-day high of $65,500.

Just as the bulls were about to rally again, the bears took control again, causing the price of Bitcoin to drop by roughly $3,000, resulting in a drop of BTC to $62,650 (Bitstamp).

It has since recovered somewhat and is currently trading above $64,000, with its market cap settling at $1.26 trillion, while its dominance over altcoins is approaching 51%.

DOGE, SHIB, and AVAX suffer big losses

Altcoins were surging yesterday, but the trend for most altcoins has now changed. In fact, SOL is the only large altcoin currently rising, rising 2% to approach $160.

In contrast, DOGE fell 5.3% to below $0.16, SHIB fell 6% to $0.000024 and AVAX fell 5.8% to $37.

The situation is similar for mid-cap stocks, with MATIC, HBAR, STX, PEPE, TAO and ICP dropping between 5 and 9%. RNDR is the only exception, as this asset has undergone another 5% daily surge to surpass $10.

The total cryptocurrency market capitalization has fallen by roughly $60 billion in one day, to just under $2.5 trillion.