Now, BTC is trading down over 12% to $ 3,844, giving the cryptocurrency a $66.8 billion market cap and making it 53.6% of the $124.6 billion crypto market.
Similarly, the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently down 12.1% to fresh all-time lows. Many major altcoins are now showing 24-hour losses in the 15-20% range.
While there is currently no major fundamental driver to cause this drop, Bitcoin was in a pattern of consolidation over the last few days, where it tested the $4,000 to $4,400 range multiple times. Now it looks like we are rapidly approaching the $3,000 short-term price target multiple analysts have predicted in the past week.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.