As Bitcoin (BTC) battles to stay above $84,000, several altcoins are experiencing a downturn. Despite a promising start to the week, the leading cryptocurrency wiped out its gains and dipped below $84,000. This downward trend also impacted altcoins, with ETH falling below $1,900, and XRP dipping under $2.15.
Bitcoin’s performance seemed promising at the start of last week, gaining momentum and peaking at just under $89,000 on Monday. This 24-hour period marked a multi-week high, boosted by improved ETF inflows and a generally positive sentiment.
However, Bitcoin was unable to break through this resistance, leading to a period of consolidation. The cryptocurrency traded within a tight range of $86,000 to $88,000. But by Friday, Bitcoin broke through the lower boundary, dipping below it and continuing to fall, reaching $83,500 for the first time since the previous Friday. Consequently, Bitcoin wiped out its weekly gains and is currently struggling below $84,000. Despite this, its market cap remains at $1.665 trillion on CG, and its dominance over altcoins has increased, now standing at 59.1%.
Most altcoins have seen significant price drops recently. Ethereum, which reached $2,100 earlier this week, now sits below $1,900 following a decrease within the last 24 hours. Ripple’s native token has also lost 4% of its value, despite positive news for the company this week, leaving XRP below $2.15.
Other altcoins like BNB, SOL, DOGE, ADA, LINK, TON, SUI, among others, have also experienced daily losses. Particularly, the last two mentioned lost over 6% of their value in just a day. This widespread downturn in altcoins has resulted in a $200 billion drop in the total crypto market cap, which now stands at $2.810 trillion.
