WEEKLY WATCH - Cryptocurrency Market Takes a Hit: Bitcoin Slips, Altcoins Witness Broad Sell-Off

BTC's drop below $41,000 sparks widespread decline, Ethereum faces selling pressure.

After days of sideways trading, the price trajectory of Bitcoin has once again turned unfavorable, slipping below $41,000. This downward movement has impacted most alternative coins, with AVAX and SOL experiencing declines of over 5%.

Over the past week, Bitcoin (BTC) mostly hovered around and below $43,000, displaying minimal price fluctuations. A notable drop occurred on Friday, pushing BTC to $40,200, marking a monthly low. While it recovered some ground on Saturday, it continued to struggle around $42,000. In the past 24 hours, BTC has slipped below $41,000 once again, registering a 5.2% loss for the week. Despite its market cap dropping to $800 billion, its dominance over altcoins slightly increased to 49.9% on CMC, given the broader losses suffered by most altcoins.

Ethereum (ETH) faced selling pressure, resulting in a 2.02% decrease in its price today. Currently trading at $2,421, ETH is positioned within a crucial demand zone fluctuating between $2,388 and $2,460. Over the past week, Ethereum's price declined by around 4%, reaching $2,372 at the time of writing. The cryptocurrency had previously peaked at $2,715 on January 12, 2024.

The broader trend has turned red for most altcoins today, led by Solana and Avalanche, both experiencing declines of 5-6%. SOL now stands below $90, while AVAX is nearing the $30 mark. Larger-cap altcoins such as BNB (-1.5%), XRP (-3%), ADA (-4.5%), DOGE (-3.5%), and DOT (-3%) also recorded losses. Further market downturn is observed in coins like OP, INJ, NEAR, TIA, FIL, and ARB.

The global crypto market experienced an overnight decline of approximately $40 billion, settling at $1.6 trillion on CMC.