Bitcoin and Altcoins Experience Price Corrections
Bitcoin reached a high of nearly $62,000 recently but faced resistance at that level, resulting in a $4,000 drop. The altcoin market also turned bearish, with Ethereum declining by 4.5% to slightly above $2,600.
BTC’s Decline to $58K
The leading cryptocurrency had a turbulent week, recovering most of its losses by the end. After reaching almost $63,000 on Friday following a $13,000 gain from Monday’s low, Bitcoin entered a consolidation phase over the weekend, oscillating between $60,000 and $61,000. However, it retraced to below $58,000 on Monday before bouncing back slightly in the following days.
- Bitcoin surged to nearly $62,000 after the US published CPI data for July but fell back after reports of a large transfer to Coinbase Prime.
- The cryptocurrency’s current valuation is over 4% lower, with a market cap of $1.150 trillion and a dominance of 53.3% over altcoins.
Altcoins in Decline
Ethereum, along with other major altcoins, experienced a similar decline, with ETH dropping to around $2,400 due to negative sentiment from Jump Crypto’s ETH sale. Other top altcoins like Binance Coin, Solana, Ripple, and Dogecoin also saw declines, contributing to a $80 billion loss in the total crypto market cap, which now stands at $2.160 trillion.
- Mid-cap altcoins like TIA, WIF, and BRETT suffered losses of 7-9% in the past 24 hours.
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