As a seasoned researcher who has witnessed the cryptocurrency market’s ups and downs for years, I can tell you that the current state of Bitcoin and the altcoins is not surprising but rather a reminder of the volatility inherent in this space. The fact that BTC slipped toward $60K and most altcoins followed suit is something we’ve seen before, and it’s a testament to how interconnected these assets are.
In the last day, the struggle with Bitcoin‘s price persisted as the digital currency dipped close to $60,000, marking the first such dip in approximately a week.
In a similar trend, digital currencies like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), The Open Network (TON), and numerous others have seen a decrease of approximately 2% each day.
BTC Slipped Toward $60K
Last Thursday marked the lowest point for the main cryptocurrency, dropping almost to $60,000. However, the bulls took control from there and ignited a strong rebound that reached its peak on Monday morning, soaring up to approximately $64,500 – a level not seen in weeks.
Following a successful close of the last business week and a tranquil weekend, there was a noticeable dip in the asset’s performance. Instead of maintaining its upward trend, it began a gradual decline in worth.
By the end of Tuesday and Wednesday, it had dropped roughly $3,000 and found it difficult to stay above $62,000. Earlier this morning, the bears increased the pressure, pushing bitcoin down to a new weekly low of $60,250.
Currently, Bitcoin is holding strong near $61,000, which is a significant level for it, despite a 2% drop in value today. This dip has lowered its market capitalization to approximately $1.2 trillion. However, its dominance over other cryptocurrencies remains substantial, sitting at more than 54%.
APT Dumps Hard
In the past day, many alternative cryptocurrencies (altcoins) have followed Bitcoin’s trend, resulting in a predominance of red on the charts. The larger, well-known altcoins like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), TON Crystal, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), and Bitcoin Cash (BCH) have incurred losses of roughly 2%.
1) In the last day, Shiba Inu and SUI have fallen more than 3%, with NEAR taking a nearly 6% hit. Similarly, WIF and APT have plummeted by around the same percentage, while APT has plunged a steep 9%. Consequently, these assets are currently struggling to stay above $8.4.
Among today’s exceptions, Uniswap’s native token, UNI, has seen a nearly 7% increase and is currently trading over $7.60.
Despite this, the overall cryptocurrency market capitalization has decreased approximately $50 billion within a day, now standing at around $2.225 trillion according to CoinMarketCap.
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2024-10-10 11:00