Bitcoin has lost 3% of its value in the last 24 hours and could drop below the $36k level if the bearish trend continues.
DOGE and AVAX are outperforming the market despite the bearish trend.
BTC Could Dip Below $36k
The cryptocurrency market could end the week in a bearish tone after its excellent start to the month. Bitcoin, the world’s leading cryptocurrency by market cap, is down by more than 3% in the last 24 hours.
At press time, the price of Bitcoin stands at $36,327. The poor performance came after the market rejected the breakout around $37,500 on Thursday. There is strong support around the $36k region. If the support is broken, BTC could dip lower over the coming hours or days.
With Bitcoin underperforming, other major altcoins like Ether, XRP, BNB, and LINK are all trading in the red zone. However, DOGE and AVAX, the native coins of the Dogecoin and Avalanche ecosystems, are outperforming the market.
DOGE is the best performer amongst the top 20 cryptocurrencies by market cap, adding more than 7% to its value in the last 24 hours. At press time, the price of DOGE stands at $0.08225.
Avalanche’s recent rally has seen AVAX rise to become the 11th-largest cryptocurrency by market cap. AVAX is up by nearly 5% over the last 24 hours and is now trading around $23 per coin.
The total cryptocurrency market cap has declined below $1.4 trillion once again, down by more than 2%.