Bitcoin’s price actions took another turn for the worse in the past 24 hours as the asset slumped to a 2-week low of $57,100.
Most altcoins are also in the red on a daily scale, with TON, DOGE, and ADA dropping by 2-4%.
BTC Sees $57K Drop
It’s safe to say that bitcoin’s latest price actions have been quite underwhelming. It was just a week ago when the asset shot up to over $65,100 to chart a multi-week peak on the heels of the positive developments on US soil a few days back.
However, it failed to maintain its run and started to lose value gradually on Tuesday and rapidly on Wednesday. This resulted in a price drop to $58,000 before the bulls initiated a brief recovery that pushed BTC to $61,000 on Thursday.
However, bitcoin couldn’t shake off the predominantly bearish setup and dropped to under $58,000 by Friday. It tried to recover some ground during the weekend but to no avail. The situation worsened earlier this morning when it dipped to $57,000 for the first time since mid-August.
Despite bouncing off to just over $58,000 now, BTC is still 9% down on the week. Its market cap is beneath $1.150 trillion, but its dominance over the alts has tapped 54%.
Bitcoin/Price/Chart 02.09.2024. Source: TradingViewAlts Back in Red
It seems like a repeat these days, but the alternative coins are in the red once again. Ethereum, Avalanche, and Bitcoin Cash have charted losses of under 1%, but SOL, XRP, and BNB are down by just over that percentage.
Even more pain comes from the likes of DOGE, TON, ADA, SHIB, and LINK, which have all declined by 2-4%. Uniswap’s native token is among the few exceptions with a notable increase.
The biggest daily losers from the largest 100 alts include BEAM (-7%), FLOKI (-5%), and AAVE (-5%). In the case of FLOKI, the weekly price drop is above 22%.
The total crypto market cap has shed another $30 billion overnight and is down to $2.120 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto