Crypto Markets Plunge: Bitcoin Below $62K, Alts Tank

Bitcoin's upward trajectory has been reversed, plummeting below $62,000 again. Altcoins have suffered even more significant losses, with SOL, TON, BCH, and NEAR experiencing double-digit declines. The total crypto market capitalization has dropped by $100 billion, erasing recent gains.

Crypto Markets Witness Sharp Downturn as Bitcoin Plunges Below $62K

Introduction

The cryptocurrency market is experiencing a significant correction, with Bitcoin (BTC) leading the downward trend. After a brief recovery on Monday, BTC has resumed its decline, dropping below the $62,000 mark. Altcoins have followed suit, with some suffering even more drastic price reductions.

Bitcoin's Challenges Persist

Bitcoin has faced a series of setbacks in recent days. On Friday, it fell sharply following the US Federal Reserve's announcement regarding interest rate policy. Despite recovering somewhat on Saturday, BTC suffered another steep decline after Iran launched a retaliatory attack against Israel.

On Monday, BTC surged to around $67,000 before encountering resistance. However, bears regained control, pushing the price down to just under $62,000. As of writing, BTC remains over 4% lower in the past 24 hours.

Alts Suffer More Severely

The market correction has had a particularly severe impact on altcoins. Ethereum (ETH), the second-largest cryptocurrency, has dropped from $3,300 to $3,100, a decline of around 4%. Other major altcoins, including Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), and Polygon (MATIC), have also experienced similar losses.

Among the largest-cap altcoins, Solana (SOL) has lost 11%, Terra (LUNA) has declined by 10%, and Bitcoin Cash (BCH) has plummeted by 12.5%. Near Protocol (NEAR) and Internet Computer (ICP) have also suffered significant losses, dropping by 10% and 8%, respectively.

Market Sentiment Weakens

The recent price declines have weakened market sentiment and erased the gains made on Sunday and Monday. The total crypto market capitalization has decreased by $100 billion to $2.430 trillion, indicating a widespread sell-off.

OKB Defies Trend

Amidst the market downturn, OKB, the native token of the OKX cryptocurrency exchange, has bucked the trend. OKB has gained 6.5% and is currently trading close to $60. This is likely due to the exchange's recent announcement of new products and partnerships.

Conclusion

The cryptocurrency market is facing a challenging period, with Bitcoin leading the retreat. Altcoins have been hit even harder, with some large-cap tokens losing more than 10% of their value. The market outlook remains uncertain, and investors are advised to exercise caution and monitor the situation closely.