Here Are Today’s Biggest Losers As Bitcoin (BTC) Drops Below $59,000 (Market Watch)

After several days of recovering from recent losses, the price of bitcoin has finally retreated again, missing the coveted $60,000 line and falling further below $59,000.

Altcoins have followed suit, with numerous drops in ETH, BNB, XRP and especially DOGE and SOL.

BTC below $59,000

The leading cryptocurrency got off to a violent start last week. After a damaging weekend in which it fell below $57,000, the bears took another step last Monday with prices falling to $49,500, the lowest position in about six months.

Bitcoin began to recover in the following days and even approached $63,000 on Friday. As such, it had added over 20% in value in just a few days. It was a relatively quiet weekend as BTC held around $61,000 after losing some strength on Saturday morning.

However, the bears appeared to have come out of the woods within the last 12 hours. They pushed BTC south once again during the early morning Asian trading session and the asset fell below $60,000.

Moreover, its pullback continued and dropped to just over $58,000 earlier. Despite bouncing back slightly, BTC is still down more than 4% on the day as it struggles below $59,000.

Its market capitalization has fallen to $1.16 trillion, while its hold on the highs is below 54%.

Bitcoin/Price/Chart 12.08.2024. Source: TradingView Alts Back in Red

Altcoins have seen similar or in some cases worse price drops over the past day. Solana leads the pack with a massive 7% drop that has taken it well below $150. DOGE is next among the biggest highs, down 6% to $0.1. Toncoind, Cardano, Shiba Inu and Polkadot are also down around 5% each.

Slightly less painful pullbacks come from ETH, BNB, XRP, AVAX and BCH. However, most mid-cap alternatives have shed around 5-7%.

The cumulative market capitalization of all crypto assets has lost almost $100 billion in one day and is down to $2.16 trillion.

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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