Market situation: Bitcoin’s fall from 17 thousand dollars and the fall of altcoins

After several days of fluctuating in the $17,000 range, Bitcoin price failed to climb above it and fell below this level. It seems that sellers have once again taken over the market and are trying to drive down the price of digital currencies.

According to CryptoPotito, this happened while the total value of the digital currency market has decreased by about 20 billion dollars in the last 24 hours, and altcoins have mostly seen their prices drop.

In the last 24 hours, the situation in the entire digital currency market has not been favorable. Bitcoin fell below $17,000 and is now trading just below that level at around $16,800.

According to market data, while the price of Bitcoin has seen a 2.2% growth in the last 7 days, it has fallen by more than 1.2% in the last 24 hours.

Over the past few days, Bitcoin’s Dominance Rate, an indicator that measures Bitcoin’s market share relative to the overall market, has been on an upward trend. This means that the dominance of Bitcoin on the market has increased during this period.

The altcoin market is red

As you can see in the image below, in the last 24 hours, the altcoin market has also been mostly in the red.

Of course, despite the current downtrend, some altcoins have performed very well. For example, the price of Radix (XRD) has increased by more than 17% overnight to become the best performer among the top 100 altcoins in the market in the last 24 hours.

After Radix, Forex (FXS) and Trust Wallet Token (TWT) have occupied the second and third positions with growth of 5.1% and 4.4%, respectively.

On the other hand, Tokenize Exchange (TKX), Oxy Infinity (AXS) and Optos (APT) have performed the worst in the last day and night with a drop of 8.5%, 7.9% and 7.1% respectively.