Bitcoin’s price tried to recover some ground earlier this week but was quickly stopped and pushed south, which culminated earlier today with a drop to $55,300 – the lowest in a month.
The altcoins are in no better shape, with red dominating the charts. Interestingly, there’s one exception – Toncoin.
BTC’s Nosedive Continues
There’s not a lot of positive things we can say about BTC’s price movements for the past week or ten days. The asset was last above $60,000 on August 29, when it spiked to $61,200. However, it couldn’t maintain its run and was quickly driven to below that coveted round-numbered level.
After dropping to $57,000 in early September, the bulls initiated a minor leg-up that resulted in bitcoin tapping $59,700, but there wasn’t much firepower to bring it any further. Just the opposite, it started to lose value again.
Another minor increase transpired yesterday when bitcoin jumped to $58,500. The scenario repeated, and the bears resumed control of the market.
The pressure they inserted led to a decline that drove BTC to a monthly low of $55,300 earlier today. Despite recovering some ground since then, the cryptocurrency is still below $56,000 and is down by 2.5% on the day. Its market cap has tumbled to $1.1 trillion, and its dominance over the alts is below 54%.
Alts in Red
The alternative coins have mimicked BTC’s performance to a large extent lately. This means that they have posted price losses in the past day as well.
ETH’s daily drop is similar to that of BTC and the second-largest cryptocurrency has tanked to $2,350. Solana and Ripple have charted even more painful declines of 3.5% to 4%. As a result, SOL is below $130, while XRP struggles at $0.53
The rest of the larger-cap alts are in a similar situation, with FET, NEAR, and TAO losing the most value. In contrast, TON is the only one in the green, posting a 3% daily increase.
Nevertheless, the total crypto market cap has slumped by another $50 billion overnight and is down to $2.050 trillion on CG.
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Cryptocurrency charts by TradingView.
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Jordan Lyanchev
https://cryptopotato.com/bitcoin-btc-dropped-to-new-monthly-low-as-alts-bleed-out-market-watch/
2024-09-06 08:50:21
