Hassan Maishera
TL;DR
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Bitcoin dipped by nearly 5% on Tuesday to dip to the $86k level.
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The total cryptocurrency market cap dropped below $3 trillion as altcoins also underperformed.
BTC Sweeps Liquidity at $86k as Altcoins Falter
The cryptocurrency market has been bearish since the start of the week. Bitcoin, the number one cryptocurrency by market cap, has lost 7% of its value in the last seven days.
On Tuesday, Bitcoin dipped to the $86k level for the first time since November 2024. The dip occurred after Bitcoin lost 5% of its value on Tuesday following a massive selloff from the broader crypto market.
Bitcoin has slightly recovered and now trades at $88,607 per coin. Analysts pointed out that Bitcoin’s weakness is consistent with the decline in the global money supply early this year.
The poor performance comes as the Nasdaq 100, a measure of technology stocks, fell more than 1%, extending a three-day losing streak. On the other hand, the Japanese Yen, a haven in turbulent times, traded at 148.9 per dollar on Tuesday and looks to rally higher as the U.S. Dollar grows weaker.
With Bitcoin dropping to the $86k level, the total cryptocurrency market cap dropped below $3 trillion. It currently stands at $2.92 trillion and could dip lower if the bearish trend continues.
While Bitcoin continues to underperform, altcoins are slowly recovering. BNB, Binance’s native coin, is up 2% in the last 24 hours and now trades above $620 per coin. XRP added 1.5% to its value, while Solana and Cardano are both up 1% each.
