Bitcoin’s price headed toward a new local peak of just over $61,000 but was halted in its tracks and pushed south by over two grand.
Most larger-cap alts are also in the red today, with SOL and TON dropping by more than 3%.
BTC Back Below $60K
Last Friday, US Fed Chair Jerome Powell said it was time for the central bank to follow the example set by its European, Canadian, and UK counterparts and to start lowering interest rates. That, combined with RFK’s withdrawal from the US presidential election race and his support for Trump, sent bitcoin flying from around $60,000 to just over $64,000 on Saturday.
After a relatively sluggish weekend, the cryptocurrency went on the offensive on Monday as well and tapped a 3-week peak of just over $65,100. However, it failed to continue its run and declined to $63,000 on Tuesday.
That’s when the bears really stepped up on the gas and pushed BTC south hard. In a matter of hours, the asset slumped to $58,100 and later to a multi-week low of $57,900 (on Bitstamp).
Bitcoin regained some traction on Thursday and jumped to 61,200. Nevertheless, that rally was short-lived as well and BTC dropped badk down to $58,800. Despite recovering some ground now, it is still well below $60,000. Its market cap struggles at under $1.175 trillion, while its dominance over the alts is up to 53.8% on CG.
Bitcoin/Price/Chart 30.08.2024. Source: TradingViewFLOKI Dumps Hard
Most larger-cap alts are in the red today. This includes a 1% decline for ETH, BNB, and AVAX, while XRP has dropped by 1.6%. Even more painful decreases are evident from SOL (-4%) and TON (-3%). In contrast, TRX, DOGE, and DOT have posted insignificant gains.
However, the biggest loser from the top 100 alts is FLOKI. The meme coin has dumped by almost 20% in the past day to $0.0001275.
The cumulative market cap of all crypto assets has shed about $20 billion since yesterday and is down to $2.180 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto