Bitcoin’s price worsened significantly after crashing this past Saturday, hitting a new local low of just over $74,000 by Monday morning. Along with Bitcoin, altcoins have faced substantial declines, notably Ethereum (ETH) which has been one of the hardest hit performers. In the last 24 hours, XMR has also seen a notable drop.

Bitcoin’s Recovery Attempt

Less than a week ago, on Wednesday, Bitcoin was challenging the $90,000 resistance. Speculations regarding the Federal Reserve’s decision to halt interest rate cuts and rising tensions in the Middle East may have contributed to Bitcoin’s inability to maintain its position, leading to a significant correction. After initial drops to $81,000 on Thursday, minor recoveries were made, but by Saturday, Bitcoin nosedived again.

The cryptocurrency plummeted below $76,000 for the first time since last April, resulting in over $2.5 billion in liquidations. Another unsuccessful recovery on Sunday brought Bitcoin to a low of $74,400, marking a loss of over $15,000 within a few short days.

Currently, Bitcoin has recovered slightly to nearly $78,000 as the market faces another volatile week ahead. Its market capitalization remains at around $1.550 trillion, with a dominance of just over 57.5% in the altcoin market.

Altcoin Market Overview

Ethereum experienced a dramatic decline, dropping from over $3,000 last Wednesday to about $2,100 earlier today. Although it has partially recovered to nearly $2,300, it is still down 5.5% on the day. Other significant losers include XMR, which saw a drop to around $400, while XRP, BNB, SOL, DOGE, ADA, BCH, LINK, and XLM have also bled significantly.

Conversely, MYX has witnessed an impressive increase of 13.5%, leading the market’s recovery as other assets face decline. Since Saturday, the total cryptocurrency market cap has decreased by $300 billion and by $500 billion since last Wednesday, now standing at approximately $2.650 trillion.