Bitcoin (BTC) Price Dumped to 5-Week Low, Avalanche (AVAX) Slumps 10% Daily (Weekend Watch)

Bitcoin’s price struggles continued on Friday evening as the asset fell to its lowest position in more than five weeks, way below $64,000.

The altcoins are also quite sluggish or even in pain today, led by a massive price drop from Avalanche.

BTC Sees Multi-Week Low

After last week’s unsuccessful attempt to overcome $70,000, bitcoin headed straight south and slumped to $64,000 on Friday, which was a monthly low. The weekend was a lot less volatile, as expected, and the cryptocurrency remained at just over $65,000.

Monday began with a more impressive price increase to just over $66,500, but the bears came out and initiated another leg down. This time, BTC dropped for a few consecutive days, which culminated yesterday with a decline to $63,400.

This became its lowest price level since May 15. Nevertheless, bitcoin has recovered some ground since that multi-week low and now sits above $64,000.

However, its market cap has plummeted to under $1.270 trillion, while its dominance over the alts stands still at 51.5% on CoinGecko.

Bitcoin/Price/Chart 22.06.2024. Source: TradingView

AVAX Leads on the Way South

Most larger-cap alts are quite underwhelming in their daily price performances as well. DOGE, TON, XRP, and DOT are slightly in the red, while ETH, BNB, SOL, SHIB, and TRX have posted insignificant gains.

More painful declines come from the likes of Chainlink, which has dropped by more than 4%, and Cardano, which has seen 3% of its value gone in a day.

However, the most substantial daily drop comes from AVAX, which has decreased by more than 9%. As a result, the asset now struggles to remain above $25.

The total crypto market cap has gone down by around $20 billion overnight and is now at $2.460 trillion on CG.