Bitcoin Hits Five-Week Low, Altcoins Follow Suit

According to CryptoPotato, Bitcoin's price fell to its lowest in over five weeks on Friday, dropping below $64,000. This downward trend was also observed among altcoins, with Avalanche leading the pack with a significant price drop. After an unsuccessful attempt to surpass $70,000 last week, Bitcoin's value plummeted to $64,000 on Friday, marking a monthly low. The weekend saw less volatility, with the cryptocurrency hovering just above $65,000. Monday started with a promising price increase to just over $66,500, but a subsequent bearish trend led to a further drop. Bitcoin's value fell for several consecutive days, reaching a low of $63,400, the lowest since May 15. However, it has since recovered slightly and is now trading above $64,000. Despite this recovery, Bitcoin's market cap has fallen to under $1.270 trillion, and its dominance over altcoins remains at 51.5% according to CoinGecko. Other larger-cap altcoins have also underperformed in their daily price performances. DOGE, TON, XRP, and DOT are slightly in the red, while ETH, BNB, SOL, SHIB, and TRX have posted minimal gains. More significant declines have been observed in Chainlink, which has dropped by more than 4%, and Cardano, which has lost 3% of its value in a day. The most substantial daily drop was seen in AVAX, which decreased by more than 9%, struggling to stay above $25. The total crypto market cap has decreased by approximately $20 billion overnight, now standing at $2.460 trillion.