The entire market faced selling pressure on a daily and weekly scale. Bitcoin’s notable price situation worsened in the last few hours, with the asset falling below $60,000 for the first time in several weeks. Altcoin projects reacted worse to this weekend’s crash, with Ethereum falling below $2,900 and SOL, DOGE, and BCH dropping by 6-7%.
What’s Happening with Bitcoin?
Although last weekend was also quite volatile, the scenario was completely different. During this period, Bitcoin gained upward momentum amid Donald Trump’s conference participation and pro-crypto speeches. However, the asset mostly moved upwards and reached $70,000 on July 29, a level not seen in nearly seven weeks.
However, the situation changed later that day when Bitcoin dropped by $4,000. After a calm period around $66,000, the bears regained control, especially on August 2. Within a few hours, following the news that the unemployment rate in the US had reached its highest levels since 2021, Bitcoin sharply fell from $66,000 to $62,200.
Bitcoin, along with other risky assets like US stocks, fell sharply. However, in Bitcoin’s case, the pullback continued throughout the weekend as it never stopped trading. This resulted in a price drop to just below $60,000 earlier today, marking Bitcoin’s lowest price tag in three weeks.
Despite a slight recovery since then, with Bitcoin currently sitting just above this level, it is still down 2% on the day and more than 10% since last Sunday. Its market cap fell below $1.2 trillion, but its dominance over altcoins rose to 53.2% on CoinGecko.
Current State of Altcoins
The increasing Bitcoin dominance during its pullback only means one thing: altcoins are in a worse state. Among the biggest losers from larger-cap projects are SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).
Ethereum and BNB fell by 3% to $2,890 and $523, respectively. XRP, TON, ADA, LINK, UNI, and LTC are also in the red, albeit less painfully. The total crypto market cap lost another $70 billion since yesterday, dropping to $2.230 trillion on CoinGecko. The metric has fallen by more than $300 billion in the last few days.
