ETH has experienced a gradual decline, with its value plummeting well below $1,600. Although it has stabilized somewhat, the price of Bitcoin is struggling and is hovering just below $27,000. Altcoins, on the other hand, have displayed a degree of stability on a daily basis, but recent overall price declines have had a significant impact on some of them.
Bitcoin, which had been trading at higher levels until a few days ago, faced difficulty surpassing the $28,000 mark, which had a negative impact on its future price movements. The business week commenced with minor price drops, ultimately causing BTC to fall below $27,000 for the first time in October. In the past 24 hours, the cryptocurrency has remained relatively stable but is still trading below $27,000.
This has led to a slight decrease in the overall market capitalization, which has dropped by a few billion and is now just above $520 billion. However, Bitcoin’s market dominance has seen a slight increase, currently standing at 50%.
The second-largest cryptocurrency, ETH, has also had a challenging time in recent days. ETH was trading near $1,800 earlier in the month but began losing value, possibly coinciding with the outbreak of the Israel-Hamas conflict. In just a matter of days, the cryptocurrency’s value decreased by over $200, resulting in ETH falling to under $1,550, its lowest price point since March of this year.
Solana and Dogecoin have also seen slight declines in their daily performance. Among the larger-cap altcoins, Toncoin experienced the most significant daily loss, declining by just over 2%.
In contrast, Binance Coin, Ripple, and Cardano have recorded minor gains. Nevertheless, the total cryptocurrency market capitalization has remained relatively stable at just over $1.050 trillion according to CoinMarketCap data.