{"id":4105,"date":"2024-09-06T08:50:21","date_gmt":"2024-09-06T08:50:21","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4105"},"modified":"2024-09-06T08:50:21","modified_gmt":"2024-09-06T08:50:21","slug":"bitcoin-btc-dropped-to-new-monthly-low-as-alts-bleed-out-market-watch","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4105","title":{"rendered":"Bitcoin (BTC) Dropped to New Monthly Low as Alts Bleed Out (Market Watch)"},"content":{"rendered":"

Bitcoin\u2019s price tried to recover some ground earlier this week but was quickly stopped and pushed south, which culminated earlier today with a drop to $55,300 \u2013 the lowest in a month.<\/p>\n

The altcoins are in no better shape, with red dominating the charts. Interestingly, there\u2019s one exception \u2013 Toncoin.<\/p>\n

BTC\u2019s Nosedive Continues<\/h2>\n

There\u2019s not a lot of positive things we can say about BTC\u2019s price movements for the past week or ten days. The asset was last above $60,000 on August 29, when it spiked to $61,200. However, it couldn\u2019t maintain its run and was quickly driven to below that coveted round-numbered level.<\/p>\n

After dropping to $57,000 in early September, the bulls initiated a minor leg-up that resulted in bitcoin tapping<\/a> $59,700, but there wasn\u2019t much firepower to bring it any further. Just the opposite, it started to lose value again.<\/p>\n

Another minor increase transpired yesterday when bitcoin jumped to $58,500. The scenario repeated<\/a>, and the bears resumed control of the market.<\/p>\n

The pressure they inserted led to a decline that drove BTC to a monthly low of $55,300 earlier today. Despite recovering some ground since then, the cryptocurrency is still below $56,000 and is down by 2.5% on the day. Its market cap has tumbled to $1.1 trillion, and its dominance over the alts is below 54%.<\/p>\n

<\/a>Bitcoin\/Price\/Chart 06.09.2024. Source: TradingView<\/p>\n

Alts in Red<\/h2>\n

The alternative coins have mimicked BTC\u2019s performance to a large extent lately. This means that they have posted price losses in the past day as well.<\/p>\n

ETH\u2019s daily drop is similar to that of BTC and the second-largest cryptocurrency has tanked to $2,350. Solana and Ripple have charted even more painful declines of 3.5% to 4%. As a result, SOL is below $130, while XRP struggles at $0.53<\/p>\n

The rest of the larger-cap alts are in a similar situation, with FET, NEAR, and TAO losing the most value. In contrast, TON is the only one in the green, posting a 3% daily increase.<\/p>\n

Nevertheless, the total crypto market cap has slumped by another $50 billion overnight and is down to $2.050 trillion on CG.<\/p>\n

<\/a>Cryptocurrency Market Overview. Source: QuantifyCrypto<\/p>\n

The post Bitcoin (BTC) Dropped to New Monthly Low as Alts Bleed Out (Market Watch)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price tried to recover some ground earlier this week but was quickly stopped and pushed south, which culminated earlier today with a drop to $55,300 \u2013 the lowest in a month. The altcoins are in no better shape, with red dominating the charts. Interestingly, there\u2019s one exception \u2013 Toncoin. BTC\u2019s Nosedive Continues There\u2019s not […]<\/p>\n","protected":false},"author":0,"featured_media":4106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4105"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4105"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4106"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}