Alternative digital currencies declined significantly after Bitcoin's failure to break through the $107,000 level, as the currency faced sharp rejection that led it to a rapid drop of about $5,000 within hours.
This violent movement has caused a corrective wave that affected most alternative currencies, which in turn recorded varying losses.
The price of Bitcoin rose on Sunday evening to a new peak exceeding $107,000 for the first time since January, but the quick rejection from this level pushed the price down to above $102,000, before partially recovering and currently stabilizing above the $103,000 level.
With this decline, the market value of Bitcoin dropped to about $2.050 trillion, while it maintained trading within a narrow range between $103,000 and $105,000 during most days of the week.
As previously mentioned, Bitcoin's decline was accompanied by a broad corrective wave in the alternative digital currency market.
The price of Ethereum fell to $2,400 after exceeding $2,700, recording a daily decline of about 4.5%.
The price of XRP also dropped to $2.3, a critical support level, after a 3% decline.
Coins such as SOL, AVAX, SHIB, DOT, and KAS witnessed losses ranging between 6% and 7%.
WIF was among the biggest losers in the list of the top 100 currencies by market value, followed by ENA, IMX, JUP, and MRK.
As a result of these declines, the total market value of the cryptocurrency market fell by about $70 billion, settling at $3.37 trillion according to CG index data.
This decline reflects the cautious state prevailing among investors, waiting for clarity on the upcoming direction of Bitcoin's price, which will largely determine the broader market's path in the upcoming period.
