XRP and SOL rally strongly, while BTC price drops to 2-week lows (market watch)

After Monday’s plunge that saw BTC shed several thousand, the scenario repeated itself once again in the past 12 hours as the asset dropped to a 2-week low of $63,300.

Altcoins followed suit, with most of the market in the red today. SOL and XRP lead the way to higher cap highs.

BTC drops to $63.3k

After last week’s violent Thursday, when BTC fell to $63,400, the asset went on the offensive over the weekend and soared above $69,000 on Saturday as the community prepared for the appearance of Donald Trump at Bitcoin Conference 2024 in Nashville.

His speech was followed by higher volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off pretty bullish for the bulls as bitcoin jumped to a 7-week high at $70,000.

However, he could not sustain his career and conquer this level decisively. On the contrary, it was rejected badly and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC held still around $66,500.

The last 12 hours or so brought another flat. Bears pushed the leading digital asset south and it fell to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.

Despite bouncing back to $64,500 as of now, BTC’s market cap is down to $1.270 trillion, but its dominance over the highs is rebounding to 52.6%.

Bitcoin/Price/Chart 01.08.2024. Source: TradingView Alts Back in Red

Ripple’s native token was at the forefront of the market challenge in recent days as it hit a multi-month high of over $0.66. However, its run also stalled and XPR is down more than 6% in the last day to $0.6.

The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling below $170.

The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all down between 2-5%.

The total crypto market capitalization has seen another $70 billion lost overnight and has fallen below $2.4 trillion in CG today.

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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