Bitcoin Slumps to 10-Day Lows, DOGE and SHIB Among the Double-Digit Losers (Weekend Watch)
Avalanche, Cardano, and Polygon have also dropped by double digits in the past 24 hours.
This weekend doesn’t resemble the previous few, which were a lot less volatile, as the primary cryptocurrency has dumped hard to a ten-day low of under $65,000.
The alternative coins are also well in the red, and the total crypto market cap has lost over $100 billion daily and more than $300 billion in the past few days.
BTC Dumps Hard
Monday began on a high note as BTC soared from $67,000 after retracing on Sunday evening to over $70,000 to register a new all-time high. The asset kept climbing in the following days and peaked at $73,800, which is the current ATH as of now.
It was reached on Thursday but was followed by a massive rejection . The bears finally took control of the market and pushed Bitcoin south to under $66,000 on Friday. BTC recovered some ground on Saturday and even challenged $70,000.
However, it didn’t see much success there and was quickly driven back down to $68,000. The last 12 hours or so saw another decline that led to BTC charting a ten-day low of $64,500 (on Bitstamp). Despite recovering around a grand since that low, Bitcoin is still more than 5% down on the day.
Its market capitalization has plunged to under $1.3 trillion, but its dominance over the alts has gained 0.5% daily.
Alts in Red Again
The altcoins have followed BTC on the way down with massive declines. Ethereum had been gaining a lot of traction until the Friday rejection and had exceeded $4,000. However, ETH lost that level two days ago and is now under $3,500 after another 7% daily drop.
Similar declines are evident from Binance Coin, Solana, and Ripple. Even more losses come from the likes of Avalanche (-15%), Shiba Inu (-15%), Dogecoin (-14%), Polygon (-11%), and Polkadot (-10%).
The mid- and lower-cap alts have also bled out in the past day. This has resulted in another decline of more than $100 billion for the total market cap, which is now down to under $2.6 trillion. This means that the metric has shed over $300 billion since Friday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum Tests Support as Holder Conviction Sets Stage for Rebound
The Bank of England keeps interest rates unchanged as expected and slows the pace of balance sheet reduction.
The Bank of England reiterated its cautious stance on future interest rate cuts, emphasizing that inflationary pressures remain significant. The government's autumn budget may become the decisive factor for the interest rate cut path for the remainder of the year.
Highlights of the Federal Reserve FOMC Statement and Powell's Press Conference
This FOMC decision and Powell’s speech sent a clear signal: the Federal Reserve is resuming rate cuts, but at a more cautious pace, with the core focus on balancing inflation stickiness and the risk of a slowdown in employment.
Initial Jobless Claims Data Stages a "Magic Show": From the Highest in Nearly Four Years to the Largest Drop in Nearly Four Years in an Instant!
Just a week ago, initial jobless claims had surged to their highest level in nearly four years, sparking market concerns over a spike in layoffs. However, the latest data released today presents a dramatic turnaround.
Trending news
MoreCrypto prices
More
