These Altcoins Sell Out as Bitcoin (BTC) Price Drops $4,000 in Hours (Weekend Clock)

Bitcoin’s slide continued in the past 24 hours as the asset fell from an intraday high of $57,000 to less than $53,000 in a matter of hours.

Altcoins are also in the red, with the total crypto market cap hitting $2 trillion for the first time in over a month.

The BTC issues keep coming

The major cryptocurrency missed the coveted $60,000 level last week and the real drop followed suit. Apart from a brief attempt to break this line on September 3rd, the bears have been in predominant control, which culminated yesterday.

Before that, it was rejected a couple of times and made lower daily highs. There was a reprieve on Friday when the US released the August jobs report, which showed a slight decline in unemployment rates.

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

Despite recovering to just over $54,000 now, it is still down 4% on the day and more than 8% over the past seven days. Its market capitalization has fallen to $1.07 trillion, while its hold on the highs has dropped to 53.5%.

Bitcoin/Price/Chart 09/07/2024. Source: TradingView Alts in Red Yet Again

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

DOGE has left the biggest of the biggest cap highs. The OG meme coin has seen 5% of its value evaporate in the last day and is below $0.1.

More losses come from TON, BCH, SHIB, LTC, OKB, XMR and many others.

The total crypto market capitalization has decreased by another $50 billion and is down to $2 trillion in CG.

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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