DOGE, SOL, AVAX continue to plummet as BTC plummets towards $62,000 (Market Watch)
Bitcoin’s positive price action at the beginning of the business week was short-lived, as the asset has lost over $3000 since then and is currently struggling to stay above $62,000.
Altcoins are no better, with DOGE, SOL, and AVAX down over 5% in the last 24 hours.
BTC falls to $62K
Bitcoin had a very negative start to May, with the price falling to a two-month low of $56,500 last Wednesday. Volatility increased further as the U.S. Federal Reserve announced that it would not raise interest rates, but the actual recovery began at the end of last week.
BTC jumped as high as $59,500 before starting another rally past $60,000 and $62,000 by Saturday. The gradual increase continued on Sunday, with Bitcoin knocking on the $65,000 door.
It initially stalled there, but on Monday morning the cryptocurrency soared above it and hit a 12-day high of $65,500. However, it was unable to maintain operation and began to rapidly lose value.
This caused the price to fall to $63,000, bounce back briefly, and then decline to just over $62,000 in the last few hours. CG’s market capitalization has plummeted to $1.22 trillion, but its control over alts is nearly 51%.
Bitcoin/Price/Chart 08.05.2024. Source: TradingView
Alts return to red
Most large altcoins were in the red every day. Ethereum, for example, fell 3% and then fell to $3,000. Binance Coin fell to $580, and ADA fell to $0.44. XRP fell almost below $0.5.
Even more painful losses come from places like Dogecoin, Avalanche, and Solana. All of them fell by 5-7% in one day.
Most small and medium-sized alts are in a similar state, including WIF (-11%), ZBC (-7.5%), JUP (-7.5%), SUI (-7%), and FLOKI (-7%). It is driving an unfavorable trend.
The overall cryptocurrency market cap fell to $2.4 trillion. That means the indicator is down $100 billion on the day, or $150 billion since Monday’s peak.
Cryptocurrency market overview. Source: QuantifyCrypto
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