It was another tumultuous Friday in the cryptocurrency sector as Bitcoin plunged to its lowest value in several months, dipping below $104,000. The altcoins faced even sharper downturns, with significant drops for coins such as ETH, BNB, XRP, SOL, and DOGE.

Bitcoin Stabilizes at $107K

The market-wide downturn commenced last Friday when Bitcoin fell sharply from $122,000 to as low as $101,000 on platforms like Binance. After this hit, it edged back up briefly to stay above $110,000, even peaking at $116,000 at the start of the workweek. However, it soon faced heavy resistance, forcing it downward to $108,000 and subsequently beneath $104,000, marking a three-month low.

Following this drastic decline, positive news emerged from the U.S. as President Trump announced that his recently imposed tariffs on China would be lifted. Bitcoin responded positively, bouncing back to over $106,000 before stabilizing.

As of now, Bitcoin’s market cap has dipped to $2.130 trillion, maintaining a dominance of 57.3% over altcoins.

BTCUSD BTCUSD. Source: TradingView

Altcoins Continue to Decline

While several altcoins have made minor recoveries since their recent lows, the overall situation remains challenging. ETH hovers below $3,900, following a slight 24-hour decline. BNB has lost the $1,100 support level with a 3% drop. Other coins like TRX, DOGE, ADA, and LINK are also in the red, though XRP, SOL, and XLM have seen minor gains.

In worse news, COAI saw another 17% drop within 24 hours, along with AAVE at -5.3% and ASTER down by 5%. Conversely, ENA surged by 12.5%, and TAO gained 8%.

The cryptocurrency market cap stands at slightly over $3.7 trillion, still down about $500 billion since last Friday.

Cryptocurrency Market Overview. Source: QuantifyCrypto