After the Monday crash in which BTC dumped by several grand, the scenario repeated once again in the past 12 hours as the asset dropped to a 2-week low of $63,300.
The alternative coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the larger-cap alts.
BTC Drops to $63.3K
After the violent Thursday last week when BTC slumped to $63,400, the asset went on the offensive during the weekend and shot above $69,000 on Saturday as the community was preparing for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.
His speech was followed by enhanced volatility before the cryptocurrency settled at around $67,500 on Sunday. Monday began quite optimistically for the bulls as bitcoin jumped a 7-week peak at $70,000.
However, it couldn’t maintain its run and conquer that level decisively. Just the opposite, it was rejected badly and dropped to $66,400 by Monday’s end. Tuesday and Wednesday were less eventful as BTC remained still at around $66,500.
The past 12 hours or so brought another nosedive. The bears pushed the primary digital asset south hard and it fell to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.
Despite bouncing off to $64,500 as of now, BTC’s market cap has dumped to $1.270 trillion, but its dominance over the alts is on the rebound and is up to 52.6%.
Bitcoin/Price/Chart 01.08.2024. Source: TradingView
Alts Back in Red
Ripple’s native token was at the forefront of the market defiance in the past few days as it pumped to a multi-month high of over $0.66. However, its run was also halted and XPR is down by over 6% in the past day to $0.6.
The other massive loser from the larger-cap alts is SOL, which has shed 8% of value and now struggles below $170.
The rest of this cohort of altcoins is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all dropping by somewhere between 2-5%.
The total crypto market cap has seen another $70 billion gone overnight and slipped below $2.4 trillion on CG earlier today.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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