The price of Bitcoin has dropped to $103,000, negatively affecting alternative cryptocurrencies.
The cryptocurrency market continues to decline amid rising geopolitical and economic pressures, with the price of Bitcoin recording a drop of nearly 3% over the past 24 hours, while major alternative cryptocurrencies suffered larger losses.
The price of Bitcoin dropped from around $106,000 to its daily low of $102,400, before rising again and stabilizing above the $103,000 mark at the time of writing this article.
This decline is attributed to a general sell-off in the market, although some analysts believe that stability around the $100,000 mark reflects the dominance of financial institutions, which are known for their resilience during turbulent times.
At the same time, geopolitical tensions, particularly the conflict between Israel and Iran, continue to impact global markets, with oil prices rising and stock indices falling.
As for alternative cryptocurrencies, they have suffered from sharper declines, with most major cryptocurrencies – such as Ethereum, Solana, Cardano, Dogecoin, and others – recording drops exceeding 3%.
In contrast, Bitcoin's dominance in the market increased by more than 1% during the same period, indicating its relative outperformance compared to the rest of the market, and the inability of alternative cryptocurrencies to compete at this time.
