Bitcoin Drops 6% As Crypto Market Gets Painted Red

The world's top cryptocurrency Bitcoin BTC/USD is seeing a major price drop today, with most of the cryptocurrency market following suit.

What Happened: Market data shows that Bitcoin's price fell from its 24-hour high of just under $36,000 down to about $33,900 for a price drop of nearly 5.8%. The drop brings BTC closer to its low of the year, which was marked on Jan. 24 at $33,184.06. Some analysts predict that the apex crypto is now heading to test the $29,000 level.

The top altcoins — a term indicating cryptocurrencies that are not Bitcoin or a stablecoin — followed and also saw major losses over the last 24 hours.

See Also: How To Earn Free Crypto

Top altcoin Ethereum ETH/USD saw its price fall from nearly $2,700 down to just over $2,500 for a price fall of over 7%. BNB BNB/USD — the coin powering the popular smart contract-enabled blockchain launched by the world's top exchange Binance — dropped from its 24-hour high of $378 down to $351, shedding about 7.15% of its value.

XRP XRP/USD — the bank-friendly asset meant to power settlement created by Ripple — lost over 5.1% when its price dropped from $0.595 down to $0.5646. Ethereum-killer Solana SOL/USD, lost over 8.8% by going from $81.8 per coin to just $74.57.