Altcoins Sell Off Big as Bitcoin (BTC) Falls to $60,000 Support (Weekend Watch)

Bitcoin’s dire price situation worsened in recent hours as the asset fell below $60,000 for the first time in several weeks.

Altcoins have reacted even worse to this weekend’s drop, with ETH falling below $2,900, while SOL, DOGE and BCH all shed 6-7%.

BTC falls to and below $60,000

Although last weekend was also quite volatile, the picture was completely different. BTC then went on a rollercoaster ride amid Donald Trump’s conference attendance and pro-crypto speech. However, the asset was mostly headed north and peaked on Monday at $70,000, a level not seen in about seven weeks.

However, the situation changed later that day as BTC fell by four thousand. After some lull around $66,000, the bears took control again, especially on Friday. In a matter of hours, bitcoin fell sharply from $66,000 to $62,200 after news that the U.S. unemployment rate had risen to its highest levels since 2021.

BTC, along with other riskier assets such as US stocks, fell sharply. In the case of bitcoin, however, the pullback continued over the weekend as it never stops trading. This culminated today in a price drop to just under $60,000, which became the asset’s lowest price in three weeks.

Despite recovering slightly since then and sitting just above that level, BTC is still down 2% on the day and over 10% since last Sunday. Its market cap has fallen below $1.2 trillion, but its dominance of the highs is increasing to 53.2% in CG.

Bitcoin/Price/Chart 04.08.2024, Source: TradingView Alts See Nothing but Red

BTC’s rise in dominance amid bitcoin’s pullback means only one thing: altcoins have it worse. Biggest losers in the largest cap cohort include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%) and NEAR (-8 %). %)).

Ethereum and Binance Coin each declined another 3% to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI and LTC are also in the red, albeit in a less painful way.

The total crypto market cap has lost another $70 billion since yesterday and is down to $2.23 trillion in CG. The metric has lost more than $300 billion in the past few days.

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