Bitcoin’s jump from Friday was short-lived as the asset was not only stopped at $117,000 during the weekend, but it took another turn for the worse on Sunday evening and Monday morning.
Most altcoins have followed suit by turning red, with ETH dropping by over 3% daily, while XRP has slipped below the crucial support at $3.
BTC Falls Hard
Last week was a tough one for the primary cryptocurrency as it was gradually declining for the most part. The culmination took place on Friday, ahead of Jerome Powell’s highly anticipated speech, when it slipped to a multi-week low of just under $112,000.
As the Fed Chair hinted at potential future rate reductions, BTC reacted with an immediate surge, driving it to over $117,000 within minutes. That was as far as it would go, though, as bitcoin quickly retraced to $115,000, where it spent most of the weekend.
As it seemed like more action would follow on Monday, the tables turned on Sunday evening. In a sudden and unexpected price drop, bitcoin’s price tumbled by several grand to under $111,000, a level not seen since July 10.
Although it bounced off at first to over $113,000, the bears appear to be in control now as they have pushed BTC south to well below $112,000 as of press time. Its market cap has dropped to $2.225 trillion, while its dominance over the alts is just over 56% on CG.
Alts in Retrace Mode
Most altcoins have turned red on a daily scale as well. Ethereum, which set yet another new all-time high at $4,950 yesterday, has plunged to just over $4,600 as of now. XRP was rejected at $3.1 yesterday and now struggles below the coveted $3 support line.
SOL, ADA, TRX, DOGE, XLM, and LINK have posted similar losses. SUI, LTC, AAVE, PEPE, ENA, MNT, OKB, UNI, and ETC have declined even further, with daily drops of up to 7-8%.
The cumulative market capitalization of all cryptocurrency assets has plunged by roughly $200 billion since yesterday to $3.930 trillion as of now.
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