Bitcoin (BTC) Dumps to 12-Day Low, Ripple (XRP) Slips Below $0.5 (Market Watch)

2023-09-25 08:47:52

After the relatively silent weekend, bitcoin started to lose value hours ago and slumped to a 12-day low at just over $26,000.

Most altcoins are in the red as well today, with XRP and Toncoin dropping by about 3%.

BTC Down to $26K

Bitcoin’s price went on the offensive at the start of the previous week, surging past $27,000 and going all the way up to $27,500 on Tuesday. After a day of trading sideways there, the asset lost most of its momentum and started retracing.

This culminated in a price drop to $26,400 on Thursday, around the same time the US Federal Reserve announced a change to its monetary policy – refusing to hike the interest rates once again.

Nevertheless, bitcoin recovered some ground in the next few days and spent most of the weekend at around $26,600. However, it was rejected when it tried to pump higher, and the subsequent decline pushed it down to $26,000 for the first time since September 13.

As of now, BTC has managed to defend that level, but its market cap has slumped below $510 billion, and its dominance over the alts has dropped to 48.9% on CMC.

BTCUSD. Source: TradingView## Alts See Red, Not APT

Most alternative coins are also in the red today. Ethereum, Binance Coin, Dogecoin, Cardano, Solana, Litecoin, and Shiba Inu are with losses of up to or around 1%.

Further declines are evident from Ripple and Toncoin. Both assets have retraced by approximately 3%. As a result, XRP has slipped below $0.5, while TON is at $2.2

Polygon, Bitcoin Cash, LEO, HBAR, XLM, FIL, and CRO are also in the red today.

Aptos is among the few exceptions, having surged by over 6%. Consequently, APT trades close to $5.5.

The total crypto market cap has seen another $10 billion gone in a day and is under $1.050 trillion on CMC now.

Cryptocurrency Market Overview. Source: Quantify Crypto

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