Altcoins Suffer as Bitcoin (BTC) Declines by $4,000 in Hours: Weekend Overview

Cryptonews John Brightwater September 7, 2024

Altcoins Suffer as Bitcoin (BTC) Declines by $4,000 in Hours: Weekend Overview

In the past 24 hours, Bitcoin (BTC) has experienced a significant decline, plummeting from an intraday peak of $57,000 to below $53,000 within a mere matter of hours. This downturn has adversely affected altcoins, leading to a comprehensive contraction of the cryptocurrency market, which has now fallen to a total market capitalization of $2 trillion for the first time in over a month.

The troubles faced by Bitcoin appear to be ongoing. After losing the critical $60,000 threshold last week, BTC has struggled consistently, marked by multiple rejections at that level since early September and a series of diminishing daily highs. Following a brief rally on Friday, spurred by the release of the U.S. job report for August which indicated a slight decrease in unemployment, Bitcoin surged from $55,500 to $57,000. Nevertheless, this ascent was short-lived and classified as a false breakout, as BTC subsequently nosedived, falling to approximately $54,000 before further bearish pressure initiated a decline to a monthly low of $52,700 as recorded on the Bitstamp exchange. Although Bitcoin has recovered slightly to above $54,000, it is still down 4% on the day and over 8% in the week, with its market capitalization plummeting to $1.070 trillion and its market dominance decreasing to 53.5%.

The market reflects a prevalent bearish sentiment, particularly among altcoins. Ethereum has been notably affected, witnessing a loss of over 4% and currently trading around $2,250. Other significant cryptocurrencies such as BNB and XRP have each experienced declines of 3%, while SOL has fallen by approximately 2.5%. Dogecoin (DOGE), once a prominent meme coin, has suffered the most among larger market cap alternatives, losing 5% of its value within the past day and trading below the $0.10 mark.

Further losses are evident across various other cryptocurrencies, including TON, Bitcoin Cash (BCH), Shiba Inu (SHIB), Litecoin (LTC), OKB, and Monero (XMR), contributing to a total market cap reduction of approximately $50 billion, which now stands at $2 trillion, according to CoinGecko.