The move appears to be in line with the wider crypto market trend of late, which has seen BTC lose 18% of its value over the past 30 days. Both the CoinDesk 5 Index (CD5) of the largest, most active tokens and the broader CoinDesk 20 Index (CD20) have lost about 3% in the past 24 hours.
The fallout can still be attributed to comments out of the Federal Reserve earlier in the week that suggested a potential cooling of the rate-cutting cycle, causing a rise in the U.S. dollar and a slump in risk assets.
The altcoin market, with the exception of AI tokens, is performing worse than bitcoin, with the “altcoin season” index at 22/100, its lowest in more than 90 days.
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