The cryptocurrency market has suffered considerably more during the previous 24 hours, with bitcoin falling to a monthly low of little under $27,000. However, alternative coins are affected far as severely. ETH, for instance, dropped below $1,500 to its 2018 ATH.
Friday's release of U.S. inflation figures altered the situation. The 40-year record led to more volatility for Bitcoin, which fell to $29,000.
After several brief and fruitless attempts to surpass $32,000 last week, the leading cryptocurrency began to progressively lose value. The last rejection at that level lowered the asset to $30,000, where it remained for several days.
However, the worst was yet to come, as bitcoin began to decline even more rapidly hours later. This climaxed earlier today when BTC fell to $27,200 - the lowest price level in a month.
As a result, bitcoin's market cap has decreased to $520 billion. The silver lining for BTC bulls is that their dominance over alternative cryptocurrencies has increased to about 48 percent.
Based on data, traditional hedge funds continue to pour capital into the market despite the previously indicated negative price trends.
The CEO of deVere Group is still enthusiastic on bitcoin and expects the asset will surge by year's end.
In the previous 24 hours, bitcoin's price has decreased by approximately 5 to 6%, whereas the majority of alternative cryptocurrencies have dropped by double digits.
Ethereum is one among the most significant losers. ETH has lost over $200 in the past 24 hours and over $500 in the past week. Not only has it fallen below $1,500, but it has also slid to roughly $1,450, the 2018 all-time high.
Avalanche (-20%), XRP (-10%), BNB (-11%), ADA (-14%), SOL (-13%), DOGE (-13%), and DOT (-12%), are also in the red among the larger-cap alts. With a moderate 7% decrease, TRON has endured this reversal with less discomfort.
The overall market capitalization of cryptocurrencies has decreased by an additional $100 billion in a single day, since altcoins with smaller and medium market caps are in comparable or worse positions.
The metric has decreased by $200 billion over the past two days and is presently below $1.1 trillion.
The Bank of Canada feels that the cryptocurrency market must be regulated before it becomes large enough to precipitate a global financial crisis.
Huobi, a cryptocurrency exchange, launched a $1 billion investment vehicle to delve deeply into DeFi and Web 3.