Hassan Maishera
TL;DR
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Bitcoin has lost more than 3% of its value over the weekend and has dropped below $63k.
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Altcoins are also in the red zone, with most of them losing more than 4% of their values.
BTC Slips Below $63k
The cryptocurrency market has been having a tough couple of days and the selloff continued over the weekend. Bitcoin, the leading cryptocurrency by market cap, is down by 3.1% over the last 24 hours and has now dropped below $63k.
At press time, Bitcoin’s price stands at $62,285 and could drop further as sellers are in control of the market. There is no obvious catalyst behind this latest price decline, with market analysis indicating that BTC could retest the $60k support level before it surges higher.
As usual, Bitcoin’s poor performance has affected altcoins, with most of them currently trading in the red zone. Ether, the second-largest cryptocurrency by market cap and the leading altcoin, is down by 3% over the last 24 hours and is currently trading at $3,379 per coin.
Solana’s SOL is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 7% of its value. SOL is currently trading at $124, down from the nearly $200 it achieved in April.
Binance’s BNB token reached an all-time high of $720 three weeks ago. However, it has since lost 20% of its value since then and is now trading at $567. BNB still maintains its position as the fourth-largest cryptocurrency by market cap.
Toncoin (TON) has overtaken Dogecoin to become the eighth-largest cryptocurrency by market cap, while Cardano has maintained its number ten spot in the market.
Thanks to the ongoing selloff, the total cryptocurrency market cap now stands at $2.26 trillion, down by 3.6% in the last 24 hours.
