Altcoins
These Are Altcoin’s Biggest Losers As Bitcoin (BTC) Fell To 10-Day Low (Market Watch)
Bitcoin’s weekend was relatively positive as the asset climbed above $64,000 yesterday, but the start of the business week was even more painful, with a further decline to below $62,000.
Altcoins followed suit with even worse losses and the total crypto market cap declined by around $60 billion.
BTC’s latest dive
Last week started on a more positive note as bitcoin rose from $65,000 to $67,000 on Tuesday. After failing to overcome the latter on its first attempt, BTC came back and tried multiple times.
However, in vain, the bears regained control of the market and caused a violent drop in prices on Thursday. This resulted in a drop to $62,800 before the cryptocurrency rebounded by over two thousand dollars in a matter of minutes.
However, this was short-lived and bitcoin began to lose value again, falling to $62,400 on Saturday. Sunday was a more favorable trading day as the leading digital asset jumped up at $64,400. While the community was hoping for an equally positive start to the week, the landscape changed and BTC abandoned to a 10-day low of less than $62,000 earlier today.
Although it has rebounded above this level now, bitcoin is still down 2.5% on the day. Its market cap fell to $1.23 trillion on CG, but its dominance on alts increased to 50.5%.
Bitcoin/Price/Chart 04/29/2024. Source: TradingView
Alts back in red
As typically happens when Bitcoin heads south, so do most altcoins. Ethereum was among the top performers yesterday, surging to over $3,300. All of those gains were erased and a 4% daily decline pushed the second-largest asset below $3,200.
Solana, Dogecoin, Toncoin Cardano, Shiba Inu, Avalanche, Bitcoin Cash and Polkadot all fell between 5 and 8% in one day.
BNB, XRP, TRX and LINK are also in the red, but in a less violent way. The largest daily declines come from CORE (-11.5%), PEPE (-9.3%), GALA (-9.6%) and FLOKI (-9%).
The total crypto market cap lost just over $60 billion and fell to $2.430 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.