Bitcoin price crosses $78,000 mark, altcoins panic

The price of Bitcoin fell by more than $4,000 in a matter of hours, falling below $78,000 for the first time in two weeks, leading to a sharp sell-off in the digital currency market and a general decline in other digital currencies.

Bitcoin quickly rose to around $82,000 on the back of positive developments related to the U.S. “Clarity Act”, before market sentiment quickly shifted as concerns about U.S. inflation and profit-taking pressures returned.

In the final hours, sellers regained full control of the market, causing Bitcoin’s market capitalization to fall to approximately $1.56 trillion, while its market dominance rose to 58.4%.

Alternative digital currencies have come under greater pressure, with the price of Ethereum falling by more than 3.5% to around $2,170, the price of BNB falling by 4.5%, and the price of XRP falling to around $1.40.

Solana recorded a strong loss of more than 5%, while HYPE topped the list of major currency losers after falling 10% in a day.

Tokens such as LINK, SUI, AVAX, and ZEC also suffered significant losses, while some smaller tokens lost more than 10% of their value in 24 hours.

Market data shows that the total market value of digital currencies has lost about $100 billion since Thursday, falling to less than $2.7 trillion.

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