Most major cryptocurrencies recorded price declines over the past 24 hours. Bitcoin once again traded below $74,000, APA-Economics reports.
According to data from the CoinMarketCap platform, Bitcoin’s price decreased by 0.08% over the past 24 hours to $73,699.72. Over the past seven days, its price has fallen by 8.30%.
Ethereum’s price declined by 0.62% to $2,051.50, while BNB fell by 0.76% to $677.69. Zcash dropped by 3.93% to $985.49. The cryptocurrency has lost 25.01% of its value over the past week.
Bitcoin Cash decreased by 0.18% to $230.01, while Bittensor fell by 2.39% to $215.11. Quant declined by 8.99% to $164.95.
Meanwhile, Monero rose by 1.45% to $573.31.
Gold-backed cryptocurrencies also recorded declines. PAX Gold (PAXG) fell by 1.68% to $3,970.43, while Tether Gold (XAUT) decreased by 1.61% to $3,969.74.
The CoinMarketCap 20 Index declined by 0.23% over the past 24 hours to 147.15 points. Bitcoin’s market capitalization stands at approximately $1.48 trillion.
According to analysts, the continued weak performance of the cryptocurrency market may be linked to investors’ cautious approach toward risky assets and persistent selling pressure. In particular, the significant price declines recorded in major cryptocurrencies over the past week indicate that the market recovery remains weak.