The past 24 hours have not been kind to Bitcoin as the cryptocurrency plummeted to a 2-week low of $57,100. This downward trend has also affected most altcoins, with popular tokens like TON, DOGE, and ADA experiencing a 2-4% drop in value. The recent price actions of Bitcoin have left investors feeling underwhelmed, especially after it reached a multi-week peak of over $65,100 just a week ago. Despite some positive developments in the US, Bitcoin failed to sustain its momentum and has been steadily losing value since Tuesday.
After hitting a low of $58,000, Bitcoin saw a brief recovery that pushed its price to $61,000 on Thursday. However, the bullish momentum was short-lived as Bitcoin once again dipped below $58,000 by Friday. Over the weekend, there were attempted recoveries, but they ultimately proved futile. The situation worsened further as Bitcoin dropped to $57,000 earlier this morning, marking its lowest point since mid-August. Although it has bounced back slightly to just over $58,000, Bitcoin is still down by 9% for the week.
In a familiar pattern, alternative coins are also facing losses once again. Ethereum, Avalanche, and Bitcoin Cash have all experienced minor losses of under 1%. However, tokens like SOL, XRP, and BNB are down by more than 1%. The pain continues for DOGE, TON, ADA, SHIB, and LINK, with losses ranging from 2-4%. One of the few exceptions is Uniswap’s native token, which has seen a significant increase in value. Among the top 100 altcoins, BEAM (-7%), FLOKI (-5%), and AAVE (-5%) are the biggest daily losers. FLOKI, in particular, has suffered a weekly price drop of over 22%.
The total cryptocurrency market cap has also taken a hit, losing another $30 billion overnight and dropping to $2.120 trillion on CoinGecko. Bitcoin’s market cap is now below $1.150 trillion, but it still maintains a dominance of 54% over the altcoins. The overall market sentiment remains bearish, with investors closely watching Bitcoin’s next move to assess the direction of the market.
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