Bitcoin price performance has seen a sharp decline in the last 24 hours, falling to a 6-week low below $28,800.
As usual, altcoins are also in the red, and the overall crypto market capitalization has dropped by more than $20 billion.
Bitcoin doesn't tend to stay flat for long, which may have gotten the community ready. BTC has been trading quietly in the range between $29,000 and $29,500 for about a week, and even the interest rate hike by the US Fed last Thursday hasn't changed things much.
However, that all changed early in the Asian trading session today as selling took control and pushed BTC down sharply. As a result, this crypto asset fell to its lowest price position since June 21 at $28,750 (on Bitstamp).
It managed to recover several hundred dollars since then but is still below $29,000 which is at the trading level of $28,868.83. Bitcoin's market cap has returned to $562 billion, and its dominance over altcoins stands at 48.3% in CMC.
When BTC goes down, the same goes for most altcoins. This has happened in the last 24 hours as well. ETH has been unable to break through $1,900 for several days in a row and a 1.5% drop has pushed the second largest crypto below $1,850. Ripple, Dogecoin, Cardano, Polkadot, Shiba Inu, Tron, and Uniswap are also slightly in the red.
More losses came from Polygon, Solana, and Litecoin, which have all declined by as much as 4% daily.
The situation with Stellar and Optimism was also worse, with XLM down by 5.5%, while OP tumbled by 8%.
Overall, the crypto market capitalization has declined by $20 billion from yesterday's peak and stands at $1.160 trillion at the CMC.
