The entire crypto market has experienced a significant decrease in value, with a loss of nearly $100 billion in a single day and $150 billion since the beginning of the week. Bitcoin, which had started the week with positive price movements, has now dropped by over $3,000 and is struggling to stay above $62,000.

Not only is Bitcoin facing a decline, but altcoins such as DOGE, SOL, and AVAX have also seen drops of 5% or more in the past 24 hours. Bitcoin initially started to decline in early May, hitting a two-month low of $56,500 last Wednesday. While there was some recovery towards the end of the week, the cryptocurrency faced fluctuations leading to a drop in value.

On Monday, Bitcoin hit a peak of $65,500 before failing to maintain momentum and dropping rapidly. Currently priced at just over $62,000, Bitcoin's market cap has fallen to $1.220 trillion. Despite this decline, Bitcoin's dominance in the market remains at almost 51%.

Other major altcoins like Ethereum, Binance Coin, ADA, and XRP have also faced losses in the past 24 hours. Even larger losses have been seen in altcoins such as Dogecoin, Avalanche, and Solana, with drops ranging from 5% to 7%. Lower- and mid-cap altcoins are also experiencing similar downward trends in prices.

The total cryptocurrency market cap has now reached $2.4 trillion, showing a decrease of $100 billion in a single day and $150 billion since the peak on Monday.