Bitcoin Struggles at $96K, Will Crypto Correction Worsen This Week? (Market Watch)

Bitcoin’s struggles continue as the asset fails to initiate a notable recovery, and its price is still below or around $96,000.

The altcoins are not in great shape either, with many, such as XRP, ADA, and AVAX, still 3-4% down on a daily scale.

BTC Keeps Struggling

A lot can change in the cryptocurrency markets within a week, and this has been the case for the past seven days or so. Just last Monday and Tuesday, BTC posted fresh gains and shot up above $108,000 to mark its latest all-time high.

However, the landscape started to change on Wednesday evening after the latest FOMC meeting. Bitcoin reacted with an immediate price drop to under $100,000, but that was just the start. It kept plummeting in the following days, which culminated on Friday with a price slump to $92,000.

BTC managed to stop the freefall at this point and even jumped to over $99,000 on Saturday morning. However, that was short-lived again and it fell to $96,000 on Sunday and is currently sitting there. The question now arises whether the new trading week will be any different, given some of the factors that could impact BTC’s price.

For now, bitcoin’s market cap stands at $1.9 trillion on CG, while its dominance over the alts is just shy of 55%.

Alts in Similar State

The altcoins have produced similar or even more painful declines over the past several days. The landscape is quite gloomy now as well, with XRP, AVAX, ADA, SHIB, DOGE, and ETH still in the red. DOT, XLM, SUI, and APT have dropped again over the past day.

AAVE is the only exception from the larger-cap alts with an actual noteworthy price surge. The asset has gained roughly 10% and now sits at $340 amid the broader correction.

The cumulative market capitalization of all crypto assets is down to $3.460 trillion on CoinGecko.