The past 24 hours have not been kind to Bitcoin as the price took a sharp downturn, hitting a 2-week low of $57,100. This downward trend has also impacted most altcoins, with tokens like TON, DOGE, and ADA seeing drops of 2-4%.
Bitcoin’s recent price actions have been quite underwhelming, to say the least. Just a week ago, the asset was soaring high, reaching over $65,100 and charting a multi-week peak. However, this bullish momentum was short-lived as Bitcoin started to lose value gradually, leading to a price drop to $58,000 before a brief recovery pushed it to $61,000. Unfortunately, the predominantly bearish setup persisted, causing Bitcoin to drop below $58,000 and eventually dipping to $57,000 for the first time since mid-August.
The downward trend in the cryptocurrency market has not spared altcoins either. Ethereum, Avalanche, and Bitcoin Cash have seen losses of under 1%, while tokens like SOL, XRP, and BNB are down by just over that percentage. The pain continues with tokens like DOGE, TON, ADA, SHIB, and LINK, all of which have declined by 2-4%.
Market Cap and Dominance
Bitcoin’s market cap currently sits below $1.150 trillion, with its dominance over the altcoins standing at 54%. The total crypto market cap has also taken a hit, shedding another $30 billion overnight and dropping to $2.120 trillion on CoinGecko.
While most altcoins are in the red, there are a few exceptions. Uniswap’s native token has seen a notable increase, bucking the downward trend. However, the biggest daily losers among the top 100 alts include BEAM (-7%), FLOKI (-5%), and AAVE (-5%), with FLOKI experiencing a significant weekly price drop of over 22%.
Bitcoin’s recent price actions have had a ripple effect throughout the cryptocurrency market, with most altcoins following suit and experiencing losses. The overall market cap has taken a hit, signaling a period of volatility and uncertainty. It remains to be seen how Bitcoin and the altcoins will recover from this latest setback and whether new price actions will emerge in the coming days.