Doha:Bitcoin's price has dipped below the $80,000 mark once again as major digital assets faced declines in the cryptocurrency market over the past 24 hours.

According to Azeri-Press news agency, Bitcoin's price fell by 1.46% in the past 24 hours, settling at $79,696.70. Over the past seven days, Bitcoin has seen a decrease of 3.78%, and over the last 30 days, it has declined by 4.06%.

Ethereum experienced a drop of 2.09%, reaching $2,303.39, while BNB saw a slight decline of 0.05% to $745.08. Zcash and Monero also faced losses, with Zcash falling by 6.24% to $1,235.73 and Monero decreasing by 2.67% to $583.80.

Other top cryptocurrencies were not spared, as Bitcoin Cash fell by 6.55% to $277.62, Bittensor declined by 4.38% to $246.55, and Quant decreased by 3.32% to $190.60. Meanwhile, gold-backed cryptocurrencies showed smaller declines, with PAX Gold (PAXG) falling by 0.16% to $4,034.90 and Tether Gold (XAUT) declining by 0.07% to $4,029.48.

Bitcoin's market capitalization currently stands at $1.60 trillion. Analysts suggest that the sustained selling pressure in the cryptocurrency market may be attributed to investors' cautious stance on risky assets. The accelerated decline in alternative cryptocurrencies like Zcash and Bitcoin Cash compared to Bitcoin points to intensified selling in these assets.