The past several hours have offered another substantial pullback for Bitcoin, with its price plunging well below $112,000.
Ethereum (ETH) performed even worse, dropping under $4,000 for the first time since the beginning of August.
The Bears are in Charge Again
Bitcoin had its good moments yesterday (September 25), with its price soaring to almost $114,000 at one point. However, the bears intercepted that uptick and managed to reverse the trajectory.
Just a few hours later, the valuation dipped to approximately $111,500 before slightly rebounding to the current $111,800 (according to CoinGecko’s data).
The negative performance could be linked to recent remarks from Fed Chair Jerome Powell, who highlighted troubling signs in the US economy, casting uncertainty regarding future macroeconomic policy.
While BTC’s price has plunged, gold continues to climb – prompting well-known economist Peter Schiff to declare that the cryptocurrency has entered a bear market. The theory was swiftly dismissed by the crypto community, with many members believing that there’s much more room for growth during this cycle.
Following the latest retreat, Bitcoin’s market capitalization has declined to $2.23 trillion, whereas its dominance over the altcoins stands at 56.9%.
Red Day for the Alts, too
The second-largest cryptocurrency, Ethereum (ETH), has posted an even more significant price decrease than the industry’s leader. A few hours ago, its price slid below $4,000 for the first time since early August. Later on, the bulls managed to push the valuation above that psychological mark.
Other well-known altcoins, including Binance Coin (BNB), Solana (SOL), Cardano (ADA), Avalanche (AVAX), and many more, are also in deep red territory today.
Among the few exceptions in the green are Flare (FLR), MYX Finance (MYX), Bitget Token (BGB), and OKB (OKB).
The total market capitalization of the cryptocurrency sector has plunged by 1.4% and stands at approximately $3.93 trillion.
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Cryptocurrency charts by TradingView.
