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Affected by the recent political rhetoric on the escalation of the conflict in Iran, the digital currency market experienced a significant decline after the price of Bitcoin fell by approximately $3,000.
As the price of Bitcoin failed to maintain the level of US$69,200, it quickly fell to US$66,000, and finally fell below US$67,000. The market value fell to approximately US$1.335 trillion, and the market dominance exceeded 56%.
This decline is not limited to Bitcoin but includes most alternative currencies, with Ethereum falling to around $2,050 and currencies such as Solana, Chainlink and AVAX falling between 5% and 6%.
Other currencies, such as Cardano and Dogecoin, also experienced relatively smaller losses, ranging between 3% and 4%.
Although XRP fell by around 3%, its market capitalization was able to surpass BNB, making significant gains amid the overall negative performance.
Gains were limited in comparison, with some tokens such as STABLE and ALGO recording strong gains of over 19%.
Overall, the crypto market lost around $100 billion in value before recouping some of its losses, so the total market capitalization is currently stable at around $2.38 trillion.
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