It’s been a wild week for bitcoin, first climbing to a new all-time high before crashing in the face of geopolitical risk. The cryptocurrency broke above $120,000 for the first time on Monday, during which time it topped $123,000. That positive momentum evaporated in short order. This decision followed the similarly ludicrous announcement by Donald Trump that he would impose a 50-day deadline for Russia to reach a peace deal with Ukraine. This announcement apparently set off a market correction, leading to a historic drop for Bitcoin and the overall crypto market.
Prior to the recent market crash, Bitcoin and other cryptocurrencies had shown off some huge bullish strength, racking up around $15,000 in gains in just a handful of days. Bitcoin’s price touched its all-time high this past weekend. Then, on Wednesday evening, it blasted through the upper limit and skyrocketed to a new record high of $112k+. Bitcoin reached a new all-time high of nearly $119,000 on Friday, extending its historic rally.
The recent correction resulted in Bitcoin’s price crashing by more than $6,000 from its all-time high. Ever since, it hasn’t looked below $117,000, and at times has been above $118,000. Bitcoin’s market capitalization has dropped by 1.140 trillion. The cumulative market cap of all crypto assets has fallen by more than $150 billion since yesterday’s high. It has now reestablished itself under the barrier of $3.750 trillion.
Bitcoin’s share of the market versus other cryptocurrencies is at 62.1% dominance right now. Even a week ago, the price of Bitcoin was in the $105,000 – $110,000 range. Despite this stability, it serves to highlight how quickly the market is changing. Dogecoin has been hardest hit by the drop down, suffering a loss of nearly 7% and trading at nearly $0.19.
