As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility, and today’s cryptocurrency market is no exception. Bitcoin’s nosedive to a 9-day low is reminiscent of a rollercoaster ride that keeps you on the edge of your seat. The altcoins following suit only adds fuel to the turbulence.
Over the last day or two, Bitcoin experienced another downturn, plunging to a price level below $58,100 – its weakest point in more than a week.
The altcoins are in no better shape, with ETH dumping by 8%, SOL by 7%, and DOGE by 6%.
Bitcoin’s Nosedive
Last week’s business week ended optimistically for the main cryptocurrency, although it had been relatively slow until Friday. However, the favorable news from the U.S., such as the Fed Chair’s pledge to lower interest rates and RFK’s support of Donald Trump, propelled its value over $4000 in just one day.
On Saturday, Bitcoin hit a high of nearly $65,000. It dipped a bit on Sunday, but by Monday morning, it surged again, momentarily crossing the $65,000 mark for the first time in three weeks.
Nevertheless, at this point, the advancement came to a halt, and the value began to wane. By yesterday, it had dropped to approximately $63,000, but the bears seized control and instigated a significant downturn within the last 12 hours.
As an analyst, I observed that Bitcoin (BTC) dipped to a 9-day low of $58,100 on Bitstamp, resulting in over $320 million in liquidations and leaving experts from the ETF sector perplexed. Although it has regained some ground and is now trading approximately $1,000 higher, BTC still shows a 5.5% decrease for the day, with its market capitalization dropping to $1.170 trillion.
Alts See Nothing but Red
In the world of altcoins, the situation isn’t any better. Ethereum has dropped by 8% and is significantly below $2,500. Similarly, Solana (SOL) dipped to $145 after a 7% daily adjustment. Avalanche (AVAX), Shiba Inu (SHIB), Dogecoin (DOGE), Bitcoin Cash (BCH), Uniswap (UNI), and Near Protocol (NEAR) have also experienced similar declines in their values.
Just as anticipated, the unpredictable world of meme cryptocurrencies has taken the hardest blow. To see the significant losses for yourself, take a look at this list.
The total value of all cryptocurrencies combined has decreased to approximately $2.17 trillion. In comparison to yesterday, this represents a drop of around $130 billion, while since Monday, it’s fallen by over $200 billion.
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2024-08-28 11:54