Bitcoin (BTC) Drops to New Monthly Low as Highs Wear Off (Market Watch)

Bitcoin price tried to regain some ground earlier this week, but quickly stalled and pushed south, culminating in a one-month low of $55,300 today.

Altcoins are not in the best shape, with red dominating the charts. Interestingly, there is one exception: Toncoin.

BTC continues to fall

There isn’t much positive we can say about BTC price movements over the past week or ten days. The asset last topped $60,000 on August 29, when it rose to $61,200. However, he was unable to maintain his career and was quickly driven below that coveted level of round numbering.

After falling to $57,000 in early September, the bulls started a small ascent that saw bitcoin reach $59,700, but there wasn’t much firepower to take it further. On the contrary, it began to lose value again.

Another minor increase came yesterday when bitcoin jumped to $58,500. The scenario repeated itself and the bears regained control of the market.

The pressure they inserted caused a drop that took BTC to a monthly low of $55,300 earlier today. Although it has regained some ground since then, the cryptocurrency is still below $56,000 and is down 2.5% on the day. Its market capitalization has fallen to $1.1 trillion and its hold on the highs is below 54%.

Bitcoin/Price/Chart 06.09.2024. Source: TradingView Highs in red

Altcoins have largely mimicked BTC’s performance lately. This means that they have also recorded price losses in the last day.

ETH’s daily drop is similar to BTC’s, with the second largest cryptocurrency settling at $2,350. Solana and Ripple have seen even more painful declines of 3.5% to 4%. As a result, SOL is below $130, while XRP is struggling at $0.53

The rest of the high capitalization are in a similar situation, with FET, NEAR and TAO losing the most value. Instead, TON is the only one in the green, with a daily increase of 3%.

However, the total crypto market cap has shrunk by another $50 billion overnight and is down to $2.05 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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