BTC Slips Below $26K Again, LTC, SHIB, XRP Down 20% Weekly (Market Watch)
Bitcoin’s troubles continue as the asset has returned below $26,000 after exceeding that level yesterday following the price flash crash.
Most altcoins have also seen daily declines, with ETH and BNB dropping by 1.5% once more.
BTC Still Below $26K
The primary cryptocurrency was stuck in a tight range between $29,200 and $29,500 for a week until a few days ago. It tried to break out toward $30,000 on Monday but was stopped in its tracks, and the subsequent rejection pushed it back south to around $29,000.
By Thursday, BTC had lost half a grand more, but the worst was yet to come. Speculations arose that SpaceX had disposed of its remaining bitcoin stash, and the asset reacted with an immediate price drop that drove it all the way down to $25,300 on several exchanges.
This became its lowest price tag in just over two months. BTC bounced off initially and reclaimed $26,000, but another 1-2% decline in the past 24 hours has pushed it to just under that level.
Its market cap is close to breaking below $500 billion, while its dominance over the alts is at 48.1%.
Alts Tumble Weekly
Most alternative coins tumbled just as badly in the past few days, wiping more than $110 billion from the total market cap.
The past 24 hours have been less volatile, but still some of the largest are in the red today, including ETH and BNB. Both have declined by about 1.5% and sit at $1,660 and $215, respectively.
The situation is a lot worse on a weekly scale. XRP, SHIB, and LTC are among the poorest performers, declining by more than 20% since last Saturday.
Nevertheless, there are two impressive gainers from the top 100 alts – HBAR and KAS. Both have soared by 13-16% and HBAR has reclaimed $0.06, while KAS is above $0.04.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ August 19, 2023 8:08 am