Bitcoin Flatlines Below $26K But These Altcoins Have it Worse (Market Watch)

2023-09-05 08:58:28

Bitcoin’s sluggish price performance continued in the past 24 hours, with the asset losing some ground and sitting below $26,000.

Most altcoins are also slightly in the red today. SOL, LTC, SHIB, and TON have dropped the most, with losses of up to 5%.

BTC Beneath $26K

It was precisely a week ago when the primary cryptocurrency experienced its most notable daily price surge in a while. The asset had traded sideways for weeks before the Grayscale win over the SEC in a US court propelled a massive increase that pushed BTC from $26,000 to a 15-day peak at over $28,000.

However, the hype quickly evaporated, especially after the SEC’s decision to delay making a decision on all current spot Bitcoin ETF applications. The cryptocurrency retraced by a grand on the following day before it slumped by another $1,500 24 hours later.

This resulted in a price dive to an 11-week low at $25,350 on many exchanges. BTC managed to recover some ground by the time the weekend had arrived and stood at approximately $26,000. Not a lot has happened since then, as the asset trades inches below that level now as well.

Consequently, its market capitalization has slipped to just below $500 billion, while its dominance over the alts has stalled at 48.3%.

BTCUSD. Source: TradingView## These Alts Dropped More

Most altcoins charted some minor gains yesterday, but the landscape is quite different today. Ethereum is down by 1% and has slipped to $1,620. BNB, XRP, and ADA are also in the red, albeit in a more modest fashion.

Solana, Litecoin, and Shiba Inu, on the other hand, have declined by about 2.5-3% in a day. TONCOIN, the recent high flyer, has plummeted by 5.5% in the past 24 hours and trades below $1.8.

DOGE, MATIC, and TRX are among the few alts in the green today.

Gala Games’ native token is down by 5% in a day and 17% in a week amid the ongoing issues between the project’s co-founders. GMX, ASTR, and HBAR followed suit in terms of weekly losses of up to 13%.

The total crypto market cap has lost the gains from yesterday and is back to $1.040 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

Esta página pode conter conteúdos de terceiros, que são fornecidos apenas para fins informativos (sem representações/garantias) e não devem ser considerados como uma aprovação dos seus pontos de vista pela Gate, nem como aconselhamento financeiro ou profissional. Consulte a Declaração de exoneração de responsabilidade para obter mais informações.