Bitcoin’s price performance has been notably underwhelming as it recently dropped to a six-day low, trading just above $95,000. This decline is mirrored by substantial losses in many altcoins, including Solana, Chainlink, Avalanche, HBAR, and SUI.
BTC’s Losses
The number one cryptocurrency struggled significantly last Wednesday following the release of the January US Consumer Price Index (CPI) numbers, causing it to dip to approximately $94,000. However, it quickly rebounded, surpassing $98,000 shortly thereafter. Following a brief retracement, Bitcoin surged again on Friday, reaching $99,000 for the first time in nearly a week.
Unfortunately, Bitcoin could not maintain this upward momentum and began to gradually lose value in the days that followed. The weekend was lackluster, with BTC hovering around $97,500. The downward trend continued into Monday and Tuesday morning, leading to a drop to just over $95,000 earlier today, marking its lowest price in six days.
Currently, Bitcoin is trading around $95,600, reflecting a daily decrease of approximately 0.5%-1%. Its market capitalization has fallen below $1.9 trillion, and it commands about 58% of the market’s dominance over alternative cryptocurrencies.
Altcoins Keep Bleeding
Numerous altcoins have experienced significant price declines over recent days, a trend that has worsened since yesterday. Solana, in particular, is leading this decline, having plummeted below $170—a multi-month low—as the excitement over meme coins dissipates. SOL has lost 9% on the day and more than 18% since last week.
Other altcoins such as SUI, Avalanche (AVAX), Chainlink (LINK), and HBAR have also seen painful declines, with some losses reaching up to 7%. The mid-cap altcoins are not faring any better, as tokens like TRUMP, APT, and AAVE report similar downturns.
The total cryptocurrency market capitalization has seen a drastic reduction of over $50 billion since yesterday, now resting at approximately $3.270 trillion according to CoinGecko.
