STABLE and VVV recorded the steepest declines among smaller cap altcoins, while HYPE dropped by 10% amid the broader market selloff.
Bitcoin erased the gains from Thursday’s brief rally after plunging more than $4,000 and falling below $78,000 for the first time in weeks.
The broader crypto market also turned heavily bearish, with major altcoins such as HYPE, Zcash, Solana, Sui, Chainlink, and Cosmos posting some of the largest losses.
Bitcoin Slips Under $78,000
Bitcoin surged to nearly $83,000 on May 7 before sellers pushed the asset back down to around $79,000 two days later.
Bullish momentum briefly returned earlier in the week as buyers managed to lift BTC back toward the $82,000 level on Monday and Tuesday. However, the rally struggled to continue, while rising concerns over US inflation added additional pressure to the market.
After facing another rejection near $81,200, Bitcoin slipped to around $78,800 on Wednesday. The asset later staged a strong rebound on Thursday, climbing several thousand dollars to reclaim $82,000 after positive developments surrounding the CLARITY Act in the United States, which successfully passed the Senate Banking Committee.
The recovery proved short lived.
Over the past several hours, bearish momentum intensified and dragged Bitcoin below $78,000, marking its weakest level since the beginning of the month.
Bitcoin’s market capitalization has now fallen to roughly $1.56 trillion, while its dominance over the altcoin market has climbed to 58.4%.
Altcoins Suffer Heavy Losses
Most major altcoins followed Bitcoin lower during the latest market downturn.
Ethereum declined more than 3.5% and dropped to around $2,170, its lowest level in weeks. Binance Coin also lost roughly 4.5% and slipped to about $650, while XRP continued struggling near the $1.40 mark.
Solana experienced one of the sharper declines among leading cryptocurrencies, falling by approximately 5.5%.
HYPE recorded the largest drop among higher market cap assets. Following a strong rally the previous day, the token has now shed around 10% of its value and is attempting to remain above the $40 level.
Additional losses were seen across ZEC, LINK, Cosmos, SUI, and Avalanche, all of which traded deep in negative territory.
Among lower cap tokens, STABLE, VVV, and Ethena posted double digit losses over the past 24 hours.
The total cryptocurrency market capitalization has dropped by approximately $100 billion since Thursday and now sits well below the $2.7 trillion mark.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
