Baku:Bitcoin's price has dropped below the $80,000 mark as the decline in the cryptocurrency market persists, with significant decreases recorded across most major digital assets over the past 24 hours.

According to Azeri-Press news agency, data from the CoinMarketCap platform reveals that Bitcoin's price fell by 1.68% in the last 24 hours, reaching $79,437.38. Over the past week, the cryptocurrency has decreased by 3.59% and by 5.36% over the past month, with its market capitalization now below $1.60 trillion.

In addition to Bitcoin, Ethereum experienced a decline of 2.53% to $2,300.21, while BNB fell by 1.06% to $735.75. Zcash and Monero also saw drops of 2.43% and 3.75% respectively. Bittensor and Solana recorded decreases of 1.67% and 2.23%, while Quant bucked the trend with an increase of 4.51% to $190.53.

Gold-backed cryptocurrencies, however, showed positive trends. PAX Gold (PAXG) rose by 0.44% to $4,016.89, and Tether Gold (XAUT) increased by 0.40% to $4,006.98. Meanwhile, the CoinMarketCap 20 index declined by 1.58% to 161.21 points over the past 24 hours.

Analysts suggest that the decline in the cryptocurrency market is linked to a cautious approach by investors towards risky assets and increased selling pressure. The rising value of gold-backed digital assets amidst the falling prices of major cryptocurrencies could indicate a growing interest in alternative investment options within the market.