• Bitcoin dropped to its weekly low of under $16,500
• Solana also continues to suffer and currently sits below $10
• Terra Classic (LUNC) dropped 8%
The cryptocurrency market has seen a tumultuous start to the week, with Bitcoin dipping to its weekly low of under $16,500. This has been accompanied by losses from several altcoins, including a substantial drop of 8% from Terra Classic (LUNC). Solana, meanwhile, continues to suffer and currently sits below $10.
Bitcoin had a relatively quiet weekend, with the price staying stagnant at around $16,800 for the entirety of the period. This resulted in the asset closing the week at exactly the same spot it was seven days ago. Unfortunately, it was unable to capitalize on this stability, as Monday saw a minor leg-down that resulted in Bitcoin dipping to its weekly low of under $16,500.
Altcoins have been even more adversely affected by the bearish market, with Solana suffering the most. The asset has seen consistent losses over the past few days, with it now trading at below $10. Terra Classic, meanwhile, has dropped 8% and is currently trading at around $0.95. Other altcoins, such as Ethereum and Litecoin, have also seen minor losses, but these pale in comparison to those of Solana and Terra Classic.
It is unclear what the future holds for the cryptocurrency market, with it seemingly stuck in a range-bound pattern. Bitcoin’s inability to break through the $17,000 level has been particularly concerning, and it will likely take a strong catalyst to push the asset past this barrier. Until then, traders will likely remain cautious and look for signs of a potential breakout.