Bitcoin (BTC) Dropped to New Monthly Low as Alts Bleed Out (Market Watch)

Bitcoin’s 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 – the lowest in a month.
The altcoins are in no better shape, with red dominating the charts. Interestingly, there’s one exception – Toncoin.
BTC’s Nosedive Continues
There’s not a lot of positive things we can say about BTC’s 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’t maintain its run and was quickly driven to below that coveted round-numbered level.
After dropping to $57,000 in early September, the bulls initiated a minor leg-up that resulted in bitcoin tapping $59,700, but there wasn’t much firepower to bring it any further. Just the opposite, it started to lose value again.
Another minor increase transpired yesterday when bitcoin jumped to $58,500. The scenario repeated, and the bears resumed control of the market.
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%.
Bitcoin/Price/Chart 06.09.2024. Source: TradingView
Alts in Red
The alternative coins have mimicked BTC’s performance to a large extent lately. This means that they have posted price losses in the past day as well.
ETH’s 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
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.
Nevertheless, the total crypto market cap has slumped by another $50 billion overnight and is down to $2.050 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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