16 October 2024

Bitcoin Price Plummets by $4K in Hours, Leading to Altcoin Declines: Weekend Market Update

Bitcoin has dropped by $4K in hours, falling from $57,000 to below $53,000, impacting altcoins and causing the total crypto market cap to decline to $2 trillion. Explore the latest market trends and altcoin performance.

In the last 24 hours, Bitcoin (BTC) has experienced a significant drop, falling from an intraday high of $57,000 to below $53,000 in just a few hours. This sharp decline has also impacted altcoins, resulting in a total cryptocurrency market capitalization that has dipped to $2 trillion for the first time in over a month.

Bitcoin's Ongoing Struggles

Bitcoin's troubles began last week when it lost the critical $60,000 support level. Despite a brief attempt to reclaim this price point on September 3, bearish sentiment has dominated the market since then. The cryptocurrency faced multiple rejections and lower daily highs leading up to yesterday's downturn.

A temporary relief rally occurred on Friday, following the release of the US job report for August, which indicated a slight decrease in unemployment rates. This news prompted BTC to rise from $55,500 to $57,000. However, this was short-lived as it quickly reversed direction, plummeting to $54,000 before bears pushed it further down to a monthly low of $52,700 on Bitstamp.

Currently, Bitcoin has slightly recovered to just over $54,000 but remains down 4% for the day and over 8% for the week. Its market capitalization has fallen to approximately $1.070 trillion, with its dominance over altcoins decreasing to 53.5%.

Altcoins Suffer Significant Losses

The bearish trend has not spared altcoins, with many experiencing notable declines. Ethereum (ETH) has been particularly hard-hit, losing over 4% of its value and now trading around $2,250. Other major cryptocurrencies such as BNB and XRP have also seen declines of 3%, while Solana (SOL) is down by 2.5%.

Dogecoin (DOGE), the original meme coin, has suffered the most among larger-cap altcoins, with a 5% drop pushing its price below $0.1.

Additional losses have been reported across various cryptocurrencies, including TON, BCH, SHIB, LTC, OKB, and XMR, contributing to a total market cap decline of $50 billion, bringing it down to $2 trillion according to CoinGecko.