DOGE, SOL, AVAX Keep Plummeting as BTC Slumps Toward $62K (Market Watch)

Bitcoin's positive price movements at the start of the business week were short-lived as the asset has lost over $3,000 since then and is now struggling to stay above $62,000.

Altcoins are not in better shape, with DOGE, SOL, and AVAX down 5% or more in the past 24 hours.

BTC drops towards $62,000

Bitcoin had a very negative start to the month of May which peaked last Wednesday with prices falling to a two-month low of $56,500. More volatility followed when the US Federal Reserve said it would not raise interest rates, but the actual recovery began at the end of last week.

Bitcoin jumped to $59,500 before starting another rally that took it above $60,000 and $62,000 by Saturday. The gradual increases continued on Sunday, with Bitcoin knocking on the door of $65,000.

After initially stalling there, the cryptocurrency rallied above it on Monday morning and reached a 12-day peak of $65,500. However, it failed to maintain its career and began to quickly lose its value.

This took the price down to $63,000, a brief recovery, and another drop in the last few hours to just over $62,000. Its market capitalization has fallen to $1.220 trillion on CG, but its dominance in altcoins is approximately 51%.

Alts again in red

Most of the large value altcoins turned red on a daily scale. For example, the price of Ethereum fell to $3,000 after a 3% decline. Binance Coin fell to $580, and ADA fell to $0.44. While XRP is close to falling below $0.5.

The most painful losses come from the likes of Dogecoin, Avalanche, and Solana. All of these may dump by 5-7% in one day.

Most low- and mid-cap stocks are in similar shape, with WIF (-11%), ZBC (-7.5%), JUP (-7.5%), SUI (-7%), and FLOKI (-7%) leading the trend. Passive.

The total market cap of cryptocurrencies has fallen to $2.4 trillion. This means the metric has fallen by $100 billion in one day and $150 billion since Monday's peak.