• The primary cryptocurrency Bitcoin dropped to a weekly low of under $16,500 in the past 24 hours.
• Most altcoins are also in the red, including substantial losses from Solana and Terra Classic.
• Bitcoin had a calm weekend, in which it stood at around $16,800 without any movements in either direction.
The digital currency market experienced some volatility in the past 24 hours, with Bitcoin dropping to a weekly low of under $16,500. This decline was accompanied by a dip in most major altcoins, including substantial losses from Solana and Terra Classic.
The weekend was relatively calm for Bitcoin, as the primary cryptocurrency stood at around $16,800 without any significant movements in either direction. This resulted in the asset closing the week at the same spot where it was seven days ago. However, the start of the new week saw a minor leg-up that drove the asset to almost $17,000, but it failed to break the resistance, as has been the case for the past several weeks.
The drop in BTC was accompanied by a decline in most altcoins. Solana (SOL) was one of the worst performers, as the asset is currently trading at around $9.50, a significant drop from its $13.50 high on Friday. Terra Classic (LUNC) also suffered losses, dropping by 8% in the past 24 hours. Ethereum (ETH) and Litecoin (LTC) were also in the red, but their losses were more modest compared to those of the other two altcoins.
Overall, the market is still in a state of flux, with Bitcoin only a few percentage points away from its all-time high. The digital currency is expected to remain volatile in the coming days, as investors try to ascertain the direction of the asset. However, it is likely that most altcoins will continue to suffer losses, as the focus remains on Bitcoin.