These altcoins fell further as Bitcoin (BTC) eased to $65.5k (weekend watch)

The price of Bitcoin went through a massive rollercoaster on Friday night, dropping $3,000 in minutes before regaining some ground to $67,000.

Altcoins have it even worse, with the total crypto market cap losing around $70 billion overnight.

BTC goes down and up

The business week got off to a rather promising start for the major cryptocurrency, which jumped from $68,000 to $69,500 on Monday to mark its highest price since late July. However, it faced an immediate rejection at the time that pushed it south to $67,000 by the end of the day and Tuesday.

More volatility and price declines followed on Wednesday as the bears started a massive decline that sent BTC down to $65,000. However, the bulls intervened and bitcoin went on the offensive, jumping to nearly $69,000 on a couple of occasions on Thursday and Friday.

That’s when the real price swings came after a WSJ report claiming that the US government had launched an investigation against Tether. Although the stablecoin issuer denied the claims, the damage was done and BTC shed more than three thousand in minutes to $65,500.

It managed to regain some ground and is now trading near $67,000, but that volatility led to over $400 million in liquidations. The 1.3% drop on the day means its market capitalization has dropped to $1.32 trillion. However, BTC’s dominance over the highs has skyrocketed to 55.7% on CG.

Bitcoin/Price/Chart 26.10.2024. Source: TradingView Alts Bleed Out

The news hit altcoins even harder, as evidenced by BTC’s growing dominance. Ethereum, Binance Coin, Tron, Ripple, Bitcoin Cash and Cardano are all down between 1% and 3.5% over the past day. SOL, DOGE, TON, AVAX, LINK and SHIB have poured in even more, with losses of up to 5.3% in the case of the second largest meme coin.

Even more painful declines come from TIA (-14%), APT (-10%), MEW (-10%), KAS (-10%), AR (-10%), GALA (-10%). , and JASMY (-9.5%).

Overall, the total crypto market capitalization has dropped to $2.37 trillion on CG, which means it has lost approximately $70 billion in one day.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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