Most major digital assets have recorded price declines in the cryptocurrency market over the past 24 hours. The price of Bitcoin has once again fallen below $80,000, APA-Economics reports.
According to data from the CoinMarketCap platform, Bitcoin has declined by 1.46% over the past 24 hours to $79,696.70. The cryptocurrency's price has decreased by 3.78% over the past 7 days and by 4.06% over the past 30 days.
Ethereum fell by 2.09% to $2,303.39, while BNB declined by 0.05% to $745.08. Zcash lost 6.24% of its value, falling to $1,235.73, while Monero dropped by 2.67% to $583.80.
Price declines were also observed among other cryptocurrencies in the top ten. Bitcoin Cash fell by 6.55% to $277.62, while Bittensor declined by 4.38% to $246.55. Quant decreased by 3.32% to $190.60.
Relatively smaller declines were recorded among gold-backed cryptocurrencies. PAX Gold (PAXG) fell by 0.16% to $4,034.90, while Tether Gold (XAUT) declined by 0.07% to $4,029.48.
Bitcoin's market capitalization stood at $1.60 trillion.
Analysts say that continued selling pressure in the cryptocurrency market may be linked to investors adopting a cautious approach toward risky assets. In particular, the faster decline in assets such as Zcash and Bitcoin Cash compared to Bitcoin indicates stronger selling activity in alternative cryptocurrencies.
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