These Altcoins Bleed More as Bitcoin (BTC) Drops to $58,000 (Market Watch)

After several days of charting remarkable gains, the price of bitcoin has finally recovered by falling towards $58,000 earlier this morning.

Altcoins are also in the red on a daily basis, with a total market cap of more than $60 billion.

BTC dropped towards $58,000

Bitcoin bottomed out last Friday below $53,000, and the bulls took over for the next ten days or so. Within that time frame, the asset rose to more than $58,000 last Monday, dipped to $55,500 after the US CPI numbers came out on Wednesday, but went back on the offensive, which culminated on Friday and Saturday morning.

More specifically, BTC finally broke above $60,000 on Friday evening and soared to a multi-week high of around $60,600. It calmed down over the weekend, but held $60,000 for the most part.

However, Monday began with a price drop that took it south by about two thousand. As a result, BTC dropped to $58,100 today, but has so far managed to recoup most losses and trades to just above $59,000. This is expected to be an important week for all financial markets, as the US Fed will hold an FOMC meeting on Wednesday and Thursday, with expectations that it will cut key interest rates.

Bitcoin’s market cap has declined to $1.165 trillion, while its dominance over the highs has increased to 54.3% in CG.

Bitcoin/Price/Chart 16.09.2024. Source: TradingView SUI defies market sentiment

Most altcoins mimicked BTC’s performance over the past day, meaning they have turned red. Ethereum is down more than 3% and now stands at $2,330. SOL, DOGE, LINK and BCH have seen similar declines, while XRP, TON, AVAX and SHIB are down around 2%.

Cardano’s native token is down nearly 5% to $0.33. In contrast, TRX saw a smaller increase of 1.5%, while SUI defied general market sentiment today with a 5.5% increase. Consequently, it is now trading above $1.1.

Cumulative market capitalization was down more than $80 billion today, but has regained some ground and is now $2.145 trillion.

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