Bitcoin Slumps to $57,100: A Brief Market Recap 📉
In the past 24 hours, Bitcoin witnessed a significant drop, tumbling down to a 2-week low of $57,100. Alongside Bitcoin, most altcoins also showed losses on a daily scale. Tokens like TON, DOGE, and ADA saw declines ranging from 2% to 4%.
Bitcoin’s Drop to $57K
Bitcoin’s recent price movements have been less than satisfactory. Just a week ago, the leading cryptocurrency surged to over $65,100, marking a multi-week high following positive developments in the US. However, Bitcoin’s rally was short-lived as it started losing value gradually and then rapidly, tumbling to $58,000. A brief recovery pushed it back up to $61,000, but the bullish momentum didn’t last long. By Friday, Bitcoin had slipped below $58,000 and, after a failed attempt to climb back up over the weekend, the price dropped to $57,000 this morning for the first time since mid-August. Despite a slight recovery to just over $58,000, Bitcoin is still down by 9% for the week.
Altcoins Follow Suit, in the Red Again
Altcoins seem to be following Bitcoin’s lead, with many displaying losses. Ethereum, Avalanche, and Bitcoin Cash are down by under 1%, while SOL, XRP, and BNB have experienced slightly larger losses. Tokens like DOGE, TON, ADA, SHIB, and LINK have shown declines of 2% to 4%. One exception is Uniswap’s native token, which has actually seen an increase in value. Among the top 100 altcoins, BEAM, FLOKI, and AAVE are witnessing the biggest daily losses, with FLOKI’s weekly drop exceeding 22%.
Total Market Cap Takes a Hit
The overall cryptocurrency market has also taken a hit, with the total market cap dropping by $30 billion overnight to reach $2.120 trillion on CoinGecko.
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