Bitcoin Price Drops To $56K, Altcoins Follow: Market Update

• Bitcoin has retained the $56,000 price level and is down 4% in the past week.
• Litecoin (LTC) was up 1% while DOT was down 0.17%. 
• FET was down 4.8% but the altcoin is up 328.62% since September 2023.

Bitcoin (BTC), the world’s leading cryptocurrency, has fallen to the $56,000 price level amid growing bearish pressure in the digital asset market. Altcoins have also experienced significant declines, resulting in millions of dollars in losses for the cryptocurrency sector.

Bitcoin and Altcoin Price Analysis

According to the data from CoinMarketCap, at the time of writing, Bitcoin is trading at $56,523.81, down 1% in the past 24 hours. The market leader is down 3.94% in the past week and 1.16% in the past 30 days.

However, BTC has been up 119.63% since September 2023 albeit remaining 23.31% below its all-time high of $73,750. Additionally, the Bitcoin market cap currently stands at $1.113 trillion, a 56.2% market dominance.

Litecoin (LTC) is down 1.27% in the past 24 hours and is trading at $65.97 at the time of publication. Currently ranked the 18th-largest crypto by market cap, LTC’s trading volume stands at $413 million while its market cap is $4.9 billion. The altcoin is up 5.97% in the past seven days, 10.82% in the last month, and 4.87% since September 2023.

Further, Polkadot (DOT), the 16th-largest cryptocurrency by market cap, is down 0.17% in the past 24 hours and is trading at $4.03 with a market cap of $6 billion. The trading volume of the altcoin crashed 29% and currently stands at $81 million. DOT is down 5.49% in the past seven days, 11.71% in the past 30 days, and 4.76% since September 2023.

Read also: Altcoin Market Primed for September Breakout, Says Analyst

Artificial Superintelligence Alliance (FET), a prominent AI cryptocurrency, is down 4.80% in the past 24 hours and is trading at $1.06. The market cap of the altcoin stands at $2.6 billion while its trading volume is $137 million, down 24%. FET’s price has crashed 4.43% in the last seven days but is up a whopping 22.17% in the past 30 days. FET has surged close to 328.62% since September 2023.