Bitcoin (BTC) Experiences Sharp Decline After Peaking at $107K, Impacting Altcoins (Market Analysis)

Bitcoin (BTC) experienced a sudden and sharp decline after reaching a multi-month peak of $107,000, subsequently affecting altcoins such as SOL, ADA, AVAX, and SHIB. After the BTC value dropped by nearly $5,000 in a matter of hours, altcoins followed suit with substantial losses.

The total crypto market cap has fallen by approximately $70 billion. Despite the drop, BTC has since regained some of its losses and holds a market cap of $2.050 trillion with dominance over altcoins at nearly 61%. Meanwhile, Ethereum faced a 4.5% daily decline, trading at $2,400, while other altcoins like SOL, AVAX, SHIB, TAO, KAS, and DOT experienced decreases of up to 6-7%.