As a seasoned analyst with over a decade of experience in the financial markets, I’ve seen my fair share of market volatility and corrections. However, the current downturn in Bitcoin (BTC) and the broader crypto market feels like a rollercoaster ride that refuses to slow down.
Over the last day, Bitcoin experienced a series of declines, dropping from a peak of around $57,000 to below $53,000 in just a few hours.
Cryptocurrencies other than Bitcoin (altcoins) have also seen a drop, and for the first time in more than a month, the combined value of all cryptocurrencies (total crypto market cap) has fallen below $2 trillion.
BTC’s Troubles Keep Coming
Last week, the leading cryptocurrency fell below the significant $60,000 threshold, and this was followed by a more substantial decline. Apart from a short-lived attempt to surpass that mark on September 3, the bears have held the upper hand for most of the time, which reached its peak yesterday.
Earlier, it had been turned down several times and reached lower peak daily prices. However, a rally offering some respite occurred on Friday following the U.S.’s release of the August employment report, indicating a minimal decrease in unemployment rates.
Initially, Bitcoin saw a swift surge in price from around $55,500 to $57,000. Yet, this rapid rise proved deceptive, and the digital currency began a sharp decline immediately following. In just a few minutes, it dropped to approximately $54,000, and then the downward trend continued as the bears initiated another steep dive that brought Bitcoin down to a monthly low of $52,700 on Bitstamp.
Even though Bitcoin has rebounded slightly to approximately $54,000, it’s still 4% lower than its opening price today and has dropped by more than 8% in the last week. Its market capitalization has fallen to a staggering $1.070 trillion, while its control over the alternative cryptocurrencies (alts) has decreased to 53.5%.
Alts in Red Yet Again
The negative outlook for cryptocurrencies has returned, with altcoins dropping in value again. Ethereum is particularly affected, losing around 4% of its worth, now finding it tough at $2,250. BNB decreased by 3%, XRP and SOL both fell by 3% and 2.5% respectively.
Dogecoin, the original meme cryptocurrency, has experienced the steepest decline among the larger-cap alternatives. Over the last 24 hours, it has lost approximately 5%, causing its value to drop below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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2024-09-07 09:54