Massive Losses for These Altcoins as BTC Slips Below $116K: Weekend Watch
Bitcoin’s recent price renaissance was stopped at $118,000 at the end of the business week, and the asset was pushed south to $115,200 on Saturday morning.
Most larger-cap alts are slightly in the red on a daily scale, but even more painful declines come from the likes of M and PENGU.
BTC Slips After Recovery
The primary cryptocurrency had an overall positive week, in which the US Federal Reserve finally reduced the key interest rates. Leading up to the FOMC meeting that took place on Wednesday, BTC experienced some volatility and went up to $117,200 only to drop below $115,000 before the event.
However, it had recovered to $116,000 when the US central bank announced the cut and remained relatively muted at first. It went on the offensive during the early Thursday morning trading session when it pumped to a multi-week peak of $118,000.
After gaining over seven grand since the previous week’s low, though, came the inevitable rejections that pushed it south hard, especially on Saturday morning. Earlier today, bitcoin slipped to $115,200 before it staged a minor recovery to roughly $116,000 as of now.
Its market capitalization has remained above the $2.3 trillion mark, while its dominance over the alts is still below 56% on CG.
BTCUSD. Source: TradingView
These Alts Bleed Out
As mentioned above, most larger-cap alts are sitting with losses today. ETH has dumped to well below $4,500, DOGE is down by more than 3%, and LINK has slumped by 5%. XRP fights with the crucial support at $3. SOL, AVAX, and SUI are also in the red.
Even more painful price drops are evident from M, which has dumped by 16% to $2.2, MYX (-12%), and PENGU (-7%).
The total crypto market cap has erased over $50 billion since the recent peak and is down to $4.140 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
The post Massive Losses for These Altcoins as BTC Slips Below $116K: Weekend Watch appeared first on CryptoPotato.
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