Uptober has failed to prove the bulls right, at least for now, as bitcoin has dropped hard and even slipped to $60,000 yesterday.
The altcoins are also in a freefall state, with numerous price drops of 5-6% from the likes of ETH, SOL, LINK, AVAX, and others.
Will Bitcoin Lose $60K?
It was just several days ago, on Sunday when the primary cryptocurrency stood tall at over $66,000 after a strong week in which it gained about 10%. However, the bears were quick to remind of their presence and began pushing the asset south hard in the following days.
After dropping to $63,000 on Monday and $60,200 on Tuesday, BTC slipped to just under $60,000 (on Bitstamp) yesterday. The bulls managed to defend that level at first, but the asset jumped to over $62,000 midday.
However, it was stopped there and driven south once again, currently sitting at $60,500. This has propelled many industry analysts to question whether October will be as bullish as history suggests.
BTC’s current price tag means that its market capitalization has plummeted to just under $1.2 trillion after sitting above $1.3 trillion days ago. The silver lining is that its dominance over the alts has soared to 54.5%, as most of them have suffered even more.
Bitcoin/Price/Chart 03.10.2024. Source: TradingViewXRP Falls Hard
Perhaps the biggest news in the industry yesterday was the SEC’s rather unexpected decision to appeal a court decision in its lawsuit against Ripple. The move had a dramatic and immediate impact on XRP’s price, which tumbled by double digits. Currently, the asset is down by 14% and struggles to remain above $0.51.
Many other larger-cap alts have suffered as well, as mentioned above. Ethereum has dumped by 5% to under $2,350, SOL is below $140 after a 5.5% daily drop, while AVAX and LINK have slumped by 7% and 6%, respectively.
Major price crashes come from the likes of ENA (-20%), BEAM (-19%), WIF (-16%), and BONK (-15%).
The total crypto market cap has dumped to $2.2 trillion on CG, which means that it has lost roughly $150 billion since October’s start.
Cryptocurrency Market Overview. Source: QuantifyCrypto