These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)

Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.

The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.

BTC’s Troubles Keep Coming

The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.

Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.

BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).

Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.

Bitcoin/Price/Chart 07.09.2024. Source: TradingView

Alts in Red Yet Again

The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.

DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.

Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.

The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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