DOGE, SOL, AVAX Keep Plummeting as BTC Slumps Toward $62K (Market Watch)

1 week ago 24

The positive price movements for bitcoin at the start of the business week were short-lived as the asset has lost over three grand since then and now struggles to remain above $62,000.

The altcoins are in no better state, with DOGE, SOL, and AVAX dropping by 5% or more in the past 24 hours.

BTC Drops Toward $62K

Bitcoin had a highly negative start to May that culminated last Wednesday with a price dump to a two-month low of $56,500. More volatility ensued when the US Fed said it would not raise the interest rates, but the actual recovery began at the end of last week.

BTC jumped to $59,500 before it initiated another leg up that drove it past $60,000 and $62,000 by Saturday. The gradual increases continued on Sunday, and bitcoin knocked on the $65,000 door.

After being stopped there at first, the cryptocurrency shot above it on Monday morning and tapped a 12-day peak of $65,500. However, it failed to maintain its run and started losing value rapidly.

This resulted in a price drop to $63,000, a brief bounce-off, and another decline in the past few hours to just over $62,000. Its market cap has dumped to $1.220 trillion on CG, but its dominance over the alts is up to almost 51%.

Bitcoin/Price/Chart 08.05.2024. Source: TradingView

Alts Back in Red

Most of the larger-cap altcoins have turned red on a daily scale. Ethereum, for instance, is down to $3,000 after a 3% decline. Binance Coin has dropped to $580, ADA is down to $0.44. while XRP is close to breaking below $0.5.

Even more painful losses come from the likes of Dogecoin, Avalanche, and Solana. All of these have dumped by 5-7% in a day.

Most lower- and mid-cap alts are in a similar state, with WIF (-11%), ZBC (-7.5%), JUP (-7.5%), SUI (-7%), and FLOKI (-7%) leading the adverse trend.

The total crypto market cap has dropped to $2.4 trillion. This means that the metric is down by $100 billion in a day and $150 billion since Monday’s peak.