The cryptocurrency market hit a rough patch in the last 24 hours, with BTC crashing below $17K and the cryptocurrency market cap losing $40 billion. Major altcoins also charted serious declines led by BNB, which crashed 7%.
In the past week, Bitcoin hit $18k after over a month but lost about 9% from the peak of $18,300. BTC is currently trading in the range of $16,700, losing about 3% in the last 24 hours.
Interestingly, BTC’s market dominance is increasing, which means altcoins have fared worse during the week. The challenge for bitcoin in the following days will be to claim the coveted $17K level.
Barring a few exceptions, all major altcoins traded in the red in the last 24 hours. BNB’s price had crashed by 10% but recovered a bit to restrict its fall to 7%. ETH closed the week with a fall of 3%, DOGE 5%, ADA 7%, and MATIC 4.5%. However, Toncoin (TON) saw a 7.5% jump in its price, taking its total weekly gain to 33.7%.
The two worst performer hours are FIL and TWT, which crashed 20% and 19% respectively in the last 24 hours.
There was a brief period in the past week when BTC, ETH and other major coins registered significant gains on Wednesday following the release of inflation data by the US Bureau of Labor, which out October inflation at 7.1%, compared to the expected figure of 7.3%.
