Bitcoin’s Stagnant Price Performance Continues as Altcoins Experience Small Daily Losses
Bitcoin‘s stagnant price performance continues as the asset lost a few hundred dollars and is trading just below $26,000. With XRP, ADA, DOGE, and DOT losing around 2% of their value, most altcoins are also experiencing small daily losses.
Which Way is BTC Headed?
The price movements of the leading cryptocurrency have been quite unusual over the past month. The notable exception was on August 17th when the asset dropped by about 10% in a day, reaching its lowest level in the last two months at $25,300.
It recovered somewhat in the following days, reaching $26,000 and refusing to move in either direction for about a week. Last Thursday, a price increase pushed BTC to $26,800.
However, bears halted the movement and pushed the cryptocurrency down again. Within a few hours, Bitcoin found itself back at the familiar price level of $26,000. The weekend saw no movement, making it boring for the markets. Monday started with a slightly negative price movement as BTC fell below $26,000. Market cap dropped to $505 billion, but its dominance over altcoins remained at 48.3%.
PEPE Drops 22%
While most altcoins traded sideways last week, PEPE experienced a sharp drop due to internal issues and suspicious transfers related to theft. The popular meme coin experienced a drop of over 20% in a day and couldn’t recover most of its losses.
Therefore, it’s not surprising that PEPE currently sits with a 22% weekly drop, especially considering its daily 3% drop. Other larger-cap altcoins are also trading with a negative price, albeit in a more modest manner. ETH dropped 0.5% to $1,640. BNB and TRX experienced similar value losses. Further losses come from Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu. The total crypto market cap eroded by about $10 billion in a day.
Related Posts
COMMENTS