The cryptocurrency market reversed course on October 21, as many prominent digital assets faced considerable setbacks.

BTC dropped to approximately $107,500, while alternative cryptocurrencies like ASTER suffered even steeper declines.

A Challenging Day for BTC

The leading cryptocurrency commenced the business week favorably, reaching a peak of $111,500. However, this upswing was fleeting, and bearish momentum took over again.

In recent hours, Bitcoin formed a notable downward candle, with its value dipping nearly 3% in one day and 13% over two weeks.

BTC Price, Source: TradingView

The renewed downtrend has led some analysts to predict grim scenarios, including the potential end of the bullish phase. For example, Dr. Profit suggested that a fall below $101,700 could confirm a bear market. Conversely, there are indicators, such as a decrease in BTC held on exchanges, that may provide hope for investors.

Following this price retreat, Bitcoin’s market cap stands at around $2.14 trillion, with a market share of about 58% over altcoins.

Altcoins Follow Suit

Many leading alternative coins have mirrored BTC’s movements with greater losses. Ethereum (ETH) fell by 4.5% to around $3,860, XRP dropped below $2.50, and Solana (SOL) fell by 5% to nearly $184.

Aster (ASTER) is the major casualty among the top 100 cryptocurrencies, plummeting by 12% in the last 24 hours. Meanwhile, Mantle (MNT) and Hyperliquid (HYPE) suffered declines of 10% and 8%, respectively.

A few altcoins managed to stay positive today, including ChainOpera AI (COAI), Provenance Blockchain (HASH), and Zcash (ZEC). The overall cryptocurrency market cap has decreased to approximately $3.73 trillion, reflecting a 3.2% drop for the day.