Bitcoin dropped sharply today, down nearly 3% against the US dollar, hitting a daily low of $112,680. After that drop, the leading cryptocurrency by market capitalization recovered slightly, rising back above $113,000.
Bitcoin Beaten as the Cryptocurrency Market Drops to $3.66T
The cryptocurrency market faced difficulties today, with the crypto economy shrinking by 3.39% to $3.66 trillion by Friday night at 7 PM Eastern Time. Currently, bitcoin is fluctuating around $113,033 per coin based on the global average. However, in South Korea, BTC is trading at a higher price, exchanging hands at $113,987 per coin at the same time.
Bitcoin reached $112,680 on Friday after a significant consolidation above $116,000.
Interestingly, the previous price drop range of bitcoin, which lasted from July 8 for 24 days, has disappeared, making BTC in South Korea today more expensive by 0.843%. While BTC dropped nearly 3%, the value of ethereum (ETH) decreased by 6.9%, currently trading at $3,463 per ETH. Of the total cryptocurrency market of $3.66 trillion, bitcoin's market capitalization accounts for 61.4%, and ethereum accounts for 11.4%.
Besides bitcoin, a range of other digital assets also had a tough Friday. BNB fell 4.8%, and the value of XRP dropped 3.1%. SOL decreased by 6.6%, TRX lost 1%, and DOGE suffered a loss of 5.6%. ADA also fell 4.6% over the past day. The only tokens that weathered the day's turbulence were PUMP, up 1.65%, ENA, up 0.9%, and LEO, up just 0.2%. Some even experienced sharper declines.
For example, HYPE fell 10.4% against the US dollar, PI dropped 8.2%, and SPX decreased by 7.8%. CRO suffered a loss of 6.8%, and JUP fell 7.4% today. It was a tough day all around. Overall, today painted a vivid picture of a market currently rife with uncertainty.
The broader cryptocurrency market navigated a challenging trading session, and as usual, the volatility of bitcoin acted as a key indicator. By 7:30 PM Eastern Time, the price of BTC was holding steady at around $113,375 per unit.
