These Altcoins Bleed More As Bitcoin (BTC) Falls Below $63,000 (Market Watch)

Bitcoin briefly topped $65,000 yesterday, but the subsequent rejection pushed it south by well over two thousand, and the asset is well below $63,000 now.

This correction has affected several altcoins even worse, with UNI, LINK, TON and others losing more than 4% daily.

BTC for less than $63,000

The previous business week was mostly sideways for BTC as it stayed below $60,000 for most of it. However, everything changed on Friday after two positive events in the US. First, Fed Chairman Jerome Powell said the time has come to cut interest rates, and most experts expect a cut in September.

RFK then dropped out of the 2024 US presidential election and publicly endorsed the self-proclaimed “pro-crypto” choice: Donald Trump. Both pieces of news fueled an impressive rally for bitcoin as it soared over four thousand on Saturday morning.

After a relatively quiet weekend, BTC also went on the offensive on Monday morning, but quickly stopped just above $65,100. Since then, the cryptocurrency has lost more than two thousand euros and is now struggling below $63,000, despite the positive inflow streak of local US Bitcoin ETFs.

Its market cap has fallen by $20 billion in a day to $1.24 trillion, but its dominance of the highs is inches away from 54% at CG.

Bitcoin/Price/Chart. 27/08/2024. Source: TradingView Alts Bleed Out

Most altcoins have turned red today, with Uniswap and Chainlink leading the downside for the biggest caps. UNI has lost just under 6%, while LINK has lost 6.4% in the last 24 hours. As a result, the former is below $6.2, while the latter is below $12.

Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin and Toncoin have all declined by 3-4%. ETH, BNB, SOL, XRP and AVAX are also in the red, albeit in a less painful way.

The cumulative market capitalization of all crypto assets has seen over $50 billion pass in one day and is now down to just under $2.3 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).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. We recommend that you do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.