What's Happening In The Crypto Market? Is BTC Recovering?


Bitcoin market conditions have worsened over the past 24 hours before regaining momentum as the asset fell below $61,000 for the first time in more than two weeks. But it should be understood that there are some positive signs for now.

Most of the altcoins recorded a fall in the last few days, while some traded positively with significant gains such as ARB and STX.

Bitcoin market movements have been seen differently over the past week. The asset has maintained its momentum and is making new highs almost every day. It reached its peak in price surge on Thursday when the asset touched $73,800, which is the current ATH.

However, things started to change the next day as BTC crashed to $66,000 on Friday. The weekend saw an unsuccessful attempt at recovery, and on Monday BTC started to trade negative.

Market movements took a turn for the worse on Tuesday, especially during early Asian trading on Wednesday. Bitcoin prices tumbled by several thousand dollars to their lowest price position in more than two weeks below $61,000.

However, the asset responded well to the latest decline and has recovered around $2,000 since this morning's lows. Still, a 14% drop over the week means its market cap has fallen to $1.233 trillion d, and its dominance of alts has slipped to nearly below 50%.

Alternative altcoins have tumbled just as badly, if not worse, than BTC in the last few days. Ethereum, for example, dropped from over $4,000 to under $3,200. The last 24 hours have not been very positive for the second largest crypto asset as it is currently in the vicinity as well.

The overall crypto market cap has dropped a bit more and is still well below $2.5 trillion.