Bitcoin’s price has dropped below $63,000 for the first time since early February, leading a widespread cryptocurrency market decline. While most major altcoins, including Ethereum and Bitcoin Cash, have seen significant losses, the lesser-known PIPPIN token has surged to a new all-time high, defying the overall market trend.
Bitcoin fell to a multi-week low under $63,000 earlier today after facing rejection near $70,000 last week. The drop accelerated after traditional futures markets opened, causing a rapid decline from $67,700 to $64,400 that wiped out millions in leveraged positions.
This downturn has reduced Bitcoin’s market capitalization to approximately $1.26 trillion. Its dominance over alternative cryptocurrencies has also decreased, now sitting below 56% according to market data.
The broader altcoin market experienced substantial losses, with many assets shedding over 3% of their value in a single day. Ethereum dropped by 5% to trade just above $1,800, while XRP declined by 4.5% and struggles to stay above $1.30.
Bitcoin Cash faced the most severe decline among larger-cap assets, plummeting over 11% to below $485. Other notable cryptocurrencies like ZEC, UNI, and SUI also recorded significant daily decreases.
In stark contrast, the PIPPIN token continued its rally with an 11.5% daily gain, reaching a new all-time high of $0.80. This performance comes as the total cryptocurrency market capitalization lost more than $150 billion since Sunday, now standing at about $2.26 trillion.
