This Week’s Biggest Losers Revealed As Bitcoin (BTC) Price Falls To $58,000 (Weekend Watch)

It wasn’t a good week for bitcoin, as the asset fell 9% and fell below $58,000 today for the third time in days.

Altcoins are also in the red on a daily and weekly basis. The total crypto market cap has lost over $250 billion since last Sunday.

BTC down 9% weekly

The price movements that occurred for BTC at the end of the previous week and on Monday could not have really predicted how things would turn out. Recall that bitcoin had risen to $64,000 last weekend and hit a three-week high on Monday at just over $65,100.

However, the bassists remembered their presence at this point and did not allow further gains. In fact, the cryptocurrency headed south almost immediately, plunging to $58,000 on Wednesday, wiping out seven thousand in value.

There was a price drop to $57,750 on Friday after failing to decisively conquer the $60,000 level on Thursday. Since then, BTC has tried to regain some traction, but stalled at $59,000 on a couple of occasions.

As such, the asset fell below $58,000 once again hours ago. Although it has now managed to bounce back slightly above that level, it is still down 1.2% on the day and almost 9% in the red on a weekly basis.

Its market cap has sunk to $1.15 trillion, but its dominance of the highs is up to 53.9% in CG.

Bitcoin/Price/Chart 09/01/2024. Source: TradingView Alts Turn Red

BTC’s growing dominance in times of bitcoin pullbacks means that most alternatives fare worse. While the daily figures are also in the red, we will focus mostly on the weekly declines as they are even more painful.

Ethereum is down 9.5% since last Friday and is now struggling below $2,500 amid a lack of demand for ETH ETFs in the United States. BNB is down 8.6%, XRP is down 6.6%, DOGE is down 8.2%, ADA is down 9%, SHIB is down 7.5% and LINK is down almost 10%.

The biggest losers of the higher capitalization are Solana and Avalanche. Both have fallen more than 15% to $132 and $22, respectively.

TON is slightly in the green on a weekly basis, but this is actually misleading as it plummeted last Saturday following the arrest of Telegram CEO Pavel Durov. FET is the single largest cap with real gains on a weekly basis.

The total crypto market cap has plummeted to $2.14 trillion, meaning it has lost over $250 billion in about seven days.

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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