Altcoins in Retreat as Bitcoin (BTC) Falls Further Away From $100K (Market Watch)

Bitcoin shot above $101,000 yesterday evening but was rejected once again and pushed south by a couple of grand.

The altcoins are also in the red today following the weekend gains, with XRP and DOGE being among the poorest performers on a daily scale.

BTC Stopped at $101K

Perhaps on the heels of the substantial inflows toward the spot Bitcoin ETFs in the States, the primary cryptocurrency was finally able to break into six-digit territory last week. Recall that the asset exploded to a new all-time high of $103,650 on Thursday after gaining about $8,000 in a day.

The bears were quick to intercept the move and pushed the cryptocurrency south hard. BTC dumped by over ten grand in hours, causing a cascade of liquidations in the process. However, it bounced off and started to reclaim ground on Friday and during the weekend.

The top came at $102,000 on Friday and $101,300 on Sunday evening. However, both attempts were faced by rejections that drove the asset south. As of now, bitcoin stands shy of $99,000 after a minor daily decline.

Its market capitalization has dumped to $1.960 trillion on CoinGecko, but its dominance over the alts has risen to 52.1% as most of them are deeper in the red.

Alts Fall Back

Numerous altcoins posted impressive gains over the weekend, but most are in retreat now. XRP is among the worst performers on a daily scale, having lost over 6% of value and dropping to well below $2.4. DOGE, TRX, SHIB, ADA, and XLM have seen similar losses.

DOT has dropped even harder, and so have CRO, VET, FIL, and FET.

Ethereum and Avalanche are down by 2%, while SOL and BNB have declined by 4%.

The cumulative market capitalization of all cryptocurrency assets has dropped by roughly $100 billion since yesterday and is down to $3.750 trillion on CG.