Bitcoin’s Valuable Dive
Bitcoin has seen some attempts at recovery this week, but unfortunately, any gains were short-lived as the price once again took a nosedive, dropping down to $55,300 – the lowest it’s been in a month.
- Altcoins are also struggling with most of them in the red, except for Toncoin.
Bitcoin’s Downtrend Persists
The past week has not been kind to Bitcoin, as the cryptocurrency has been unable to sustain any upward momentum. After reaching above $60,000 on August 29th, Bitcoin quickly dropped below that level, failing to hold onto its gains.
- Despite a brief jump to $59,700 following a drop to $57,000 in early September, Bitcoin’s price struggled to make any significant gains and eventually fell back down.
- Yesterday’s minor increase to $58,500 was short-lived as bears regained control, pushing Bitcoin down to a monthly low of $55,300.
- Currently, Bitcoin is trading below $56,000, down 2.5% on the day, with a market cap of $1.1 trillion and dominance over altcoins below 54%.
Altcoins Feeling the Heat
Altcoins have mirrored Bitcoin’s downward trend, with most of them experiencing losses in the past day.
- Ethereum (ETH) has dropped to $2,350, following a similar pattern to Bitcoin’s decline.
- Solana and Ripple have faced even steeper declines of 3.5% to 4%, with SOL below $130 and XRP struggling at $0.53.
- Other major altcoins like FET, NEAR, and TAO have also lost value, while TON stands out as the only gainer with a 3% increase.
Total Crypto Market Cap Slips
Overall, the total cryptocurrency market cap has taken a hit, dropping by $50 billion overnight to reach $2.050 trillion on CG.
Hot Take: Market Turmoil Continues
The cryptocurrency market continues to face uncertainty as Bitcoin struggles to maintain its value, causing altcoins to follow suit in the red. Despite the occasional minor gains, the overall trend remains bearish, with investors closely monitoring the market for any signs of a turnaround. Stay informed and make well-informed decisions during these turbulent times in the crypto space.
By
By
