Bitcoin’s recent downturn was exacerbated yesterday when it fell to a concerning low of $73,000. While it managed to recover a bit since then, it’s still facing volatility amidst a challenging market environment. Other altcoins, particularly Solana, have not escaped the turmoil either, experiencing significant price declines.

Bitcoin’s Wild Ride

Just last week, Bitcoin was testing the $90,000 resistance before recent Federal Reserve announcements sent it spiraling downwards. External factors, such as escalating geopolitical tensions in the Middle East, were also cited for the recent price fluctuations. Bitcoin’s market presence has dropped to 57.3% as it struggles amidst the overall market’s challenges.

BTCUSD Chart BTCUSD Feb 4. Source: TradingView

Solana’s Drop

Meanwhile, Solana, among larger market cap cryptocurrencies, has suffered a steep decline, falling below the $100 mark after a 7% drop in just one day. This has resulted in significant market value loss for various cryptocurrencies, totaling over $70 billion within 24 hours.

Market Overview Cryptocurrency Market Overview Feb 4. Source: QuantifyCrypto