Bitcoin Recovers from Drop to $57,000, FLOKI Drops 5% Daily (Market Watch)

Bitcoin price action took another turn for the worse in the past 24 hours as the asset fell to a 2-week low of $57,100.

Most altcoins are also in the red on a daily basis, with TON, DOGE and ADA all down 2-4%.

BTC sees a drop to $57,000

It’s safe to say that recent bitcoin price action has been pretty underwhelming. It was just a week ago that the asset soared to more than $65,100 to chart a multi-week peak following the positive performance on American soil a few days ago.

However, it could not sustain its run and began to lose value gradually on Tuesday and rapidly on Wednesday. This caused the price to drop to $58,000 before the bulls started a brief rally that pushed BTC to $61,000 on Thursday.

However, bitcoin was unable to break free from the predominantly bearish setup and fell below $58,000 on Friday. He tried to make up some ground over the weekend, but to no avail. The situation worsened earlier this morning when it dropped to $57,000 for the first time since mid-August.

Although now bouncing back to just over $58,000, BTC is still down 9% for the week. Its market capitalization is below $1.15 trillion, but its dominance over the highs has reached 54%.

Bitcoin/Price/Chart 02.09.2024. Source: TradingView Alts Back in Red

It seems to repeat these days, but altcoins are back in the red. Ethereum, Avalanche, and Bitcoin Cash have recorded losses of less than 1%, but SOL, XRP, and BNB have dropped slightly more than that percentage.

Even more pain comes from DOGE, TON, ADA, SHIB and LINK, which are down 2-4%. Uniswap’s native token is among the few exceptions with a noticeable increase.

The biggest daily losers in the top 100 include BEAM (-7%), FLOKI (-5%) and AAVE (-5%). In the case of FLOKI, the weekly price drop is greater than 22%.

The total crypto market cap has lost another $30 billion overnight and is down to $2.12 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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