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Bitcoin’s price actions took another turn for the worse in the past 24 hours as the asset slumped to a 2-week low of $57,100.
Most altcoins are also in the red on a daily scale, with $TON, $DOGE, and $ADA dropping by 2-4%.
$BTC Sees $57K Drop
It’s safe to say that bitcoin’s latest price actions have been quite underwhelming. It was just a week ago when the asset shot up to over $65,100 to chart a multi-week peak on the heels of the positive developments on US soil a few days back.
However, it failed to maintain its run and started to lose value gradually on Tuesday and rapidly on Wednesday. This resulted in a price drop to $58,000 before the bulls initiated a brief recovery that pushed $BTC to $61,000 on Thursday.
However, bitcoin couldn’t shake off the predominantly bearish setup and dropped to under $58,000 by Friday. It tried to recover some ground during the weekend but to no avail. The situation worsened earlier this morning when it dipped to $57,000 for the first time since mid-August.
Despite bouncing off to just over $58,000 now, $BTC is still 9% down on the week. Its market cap is beneath $1.150 trillion, but its dominance over the alts has tapped 54%.
Alts Back in Red
It seems like a repeat these days, but the alternative coins are in the red once again. Ethereum, Avalanche, and Bitcoin Cash have charted losses of under 1%, but SOL, XRP, and BNB are down by just over that percentage.
Even more pain comes from the likes of $DOGE, $TON, $ADA, SHIB, and LINK, which have all declined by 2-4%. Uniswap’s native token is among the few exceptions with a notable increase.
The biggest daily losers from the largest 100 alts include BEAM (-7%), $FLOKI (-5%), and AAVE (-5%). In the case of $FLOKI, the weekly price drop is above 22%.
The total crypto market cap has shed another $30 billion overnight and is down to $2.120 trillion on CG.
