Altcoins Bleed Out Heavily as Bitcoin (BTC) Slumps to $60K Support (Weekend Watch)

4 months ago 1

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Bitcoin’s dire price situation worsened in the past few hours as the asset plummeted to under $60,000 for the first time in several weeks.

The altcoins have reacted even worse to this weekend’s crash, with ETH slumping beneath $2,900, while SOL, DOGE, and BCH have dumped by 6-7%.

BTC Falls to and Below $60K

Although last weekend was also quite volatile, the landscape was entirely different. Back then, BTC went on a rollercoaster amid Donald Trump’s conference attendance and pro-crypto speech. However, the asset was mostly heading north and peaked on Monday at $70,000 – a level not seen in about seven weeks.

However, the situation changed later that day as BTC fell by four grand. After some calmness around $66,000, the bears took control once again, especially on Friday. In a matter of hours, bitcoin dumped hard from $66,000 to $62,200 after news broke that the unemployment rate in the States had risen to its highest levels since 2021.

BTC, alongside other riskier assets like US stocks, plunged hard. In bitcoin’s case, though, the retracement continued during the weekend as it never stops trading. This culminated in a price drop to just under $60,000 earlier today, which became the asset’s lowest price tag in three weeks.

Despite recovering slightly since then and sitting at just over that level now, BTC is still 2% down on the day and more than 10% since last Sunday. Its market cap has slumped below $1.2 trillion, but its dominance over the alts is on the rise to 53.2% on CG.

Bitcoin/Price/Chart 04.08.2024, Source: TradingView

Alts See Nothing but Red

The rising BTC dominance amid bitcoin’s retracement means only one thing – the altcoins have it worse. The biggest losers from the larger-cap cohort include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).

Ethereum and Binance Coin have declined by another 3% each to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI, and LTC are also in the red, albeit in a less painful manner.

The total crypto market cap has lost another $70 billion since yesterday and is down to $2.230 trillion on CG. The metric has shed over $300 billion in the past several days.