The crypto market remained under heavy pressure over the past 24 hours, with Bitcoin briefly falling toward $59,000 for the second time this month before staging a rebound above $61,000.
Most major altcoins followed Bitcoin lower and remain in negative territory. Ethereum has slipped to around $1,650, while XRP continues trading below the key $1.10 level.
Bitcoin Recovers After Sharp Selloff
Following last week’s decline after the latest FOMC meeting, Bitcoin dropped from $66,400 to $62,400 within days. The leading cryptocurrency quickly recovered over the weekend, climbing to $64,000 before surging to $65,600 on Monday.
That recovery was short lived.
Sellers quickly returned and pushed Bitcoin back below $63,000, where it traded sideways for roughly 24 hours before another aggressive selloff hit the market.
In just a few hours, Bitcoin plunged from around $63,000 to below $60,000, marking its second major breakdown this month.
The asset lost roughly $4,000 in value and fell to $59,050 on Bitstamp, its lowest price in nearly two years.
The drop coincided with another sharp decline in Strategy stock, as the relationship between Bitcoin’s price action and Strategy’s market performance continues to attract attention.
Buyers eventually stepped in, helping Bitcoin recover by more than $2,000. BTC is now trading above $61,500.
Its market capitalization has climbed back to approximately $1.235 trillion, according to CoinGecko, while Bitcoin dominance stands at 56.1%.
Altcoins Stay Under Pressure
The broader altcoin market also remains weak.
Ethereum is down more than 1% over the past 24 hours and is currently struggling near $1,650 after rebounding from around $1,600.
BNB has slipped to $570, while XRP has lost the important $1.10 support level. XRP briefly dropped below $1.05 before recovering slightly to around $1.08.
Other major assets including Dogecoin, Solana, TRON, Stellar, Monero, and Hedera are also trading in the red.
MemeCore Crashes While AAVE Surges
MemeCore was among the biggest losers, collapsing more than 70% over the past day and falling below $0.80. The crash followed market instability linked to the depegging issues involving Magic Internet Money.
In contrast, Aave emerged as one of the few major gainers, rising 14% to trade above $81.
Meanwhile, Pi Network came dangerously close to setting a new all time low after falling toward $0.12.
The token narrowly avoided breaking below its current record low of $0.1189, managing to stay just above that level for now.
The total cryptocurrency market capitalization has fallen to approximately $2.2 trillion, reflecting continued weakness across the broader market.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
