The past several days turned out to be some of the worst in bitcoin’s recent history as the asset plummeted from $66,000 to under $50,000 from Friday to Monday morning.
The altcoins’ situation is even worse, with multiple double-digit losers on a daily and weekly scale.
BTC’s Downfall
It was precisely seven days ago when the BTC bulls had it all under control as they pushed the asset to a multi-week peak of $70,000. It’s hard to fathom what transpired in the next 168 hours, though.
Bitcoin lost its momentum almost immediately last Monday and dropped to $66,000. It stood there for a few days but resumed its downfall on Thursday and especially on Friday. Amid the growing economic uncertainty for the US and other countries, BTC, alongside Wall Street, dumped hard.
The weekend saw even more painful declines. On Sunday morning, the cryptocurrency slumped below $60,000 for the first time in three weeks. Later in the evening, it dumped to $57,000.
However, the worst, for now at least, was saved for Monday morning as bitcoin plunged to just under $50,000, marking its lowest price position since mid-February. The liquidations skyrocketed to over $1 billion, with nearly 300,000 wrecked traders.
Despite recovering a few grand since then and now trading close to $53,000, BTC is still 12% down on the day and 24% for the past seven days. Its market cap has dumped to $1.050 trillion, while its dominance over the alts has shot up to 53.7%.
Bitcoin/Price/Chart 05.08.2024. Source: TradingViewAltcoins Covered in Red
It almost feels like a repeat now, but the alternative coins’ performance has been even worse. The daily landscape seems like a horror show. Amid speculations about Jump Crypto liquidating its ETH positions, Ethereum’s price slumped by 20% and now sits just inches above $2,300.
Binance Coin, Solana, Ripple, Dogecoin, Toncoin, Avalanche, Shiba Inu, Bitcoin Cash, and Chainlink are just a few of the alts with double-digit price losses since yesterday.
The situation is much worse when looking at the past seven days, with WIF losing 52% of its value within this timeframe, BRETT down by 48%, AR by 45%, PEPE by 44%, and so on.
The cumulative market cap of all crypto assets has lost $500 billion since Friday. The metric dumped below $2 trillion for the first time in six months.
Cryptocurrency Market Overview. Source: QuantifyCrypto