The crypto market has witnessed a significant downturn, shedding approximately $60 billion overnight. The total market capitalisation now stands at $2.370 trillion, following a sharp decline in Bitcoin’s price, which has fallen towards the $64,200 mark after peaking above $66,000.
Bitcoin’s Rollercoaster Ride
Bitcoin started last Monday on a high note, climbing from below $63,000 to nearly $65,000. However, it soon faced selling pressure, leading to a swift decline back to its starting point. This pattern of brief surges followed by corrections continued throughout the week, culminating in a notable rise on Friday, which propelled Bitcoin to a two-month peak of $66,500 on Bitstamp. Despite attempts to maintain this momentum over the weekend, the leading cryptocurrency could not hold its ground, ultimately plummeting by around $2,000 during Monday’s Asian trading session.
Altcoin Performance
Despite Bitcoin’s struggles, several altcoins have exhibited resilience. Ripple’s XRP has been a standout performer, surging by 4% to reach $0.65. Other altcoins, including Toncoin, Solana, and Avalanche, have shown slight gains, while major cryptocurrencies like Ethereum, BNB, and Dogecoin recorded losses of up to 4%. Mid-cap coins such as TAO and SUI have emerged as notable performers, although the overall market still reflects a $60 billion loss since the weekend peak.
Market Dynamics
Bitcoin/Price/Chart 30.09.2024. Source: TradingView
With Bitcoin’s market capitalisation dropping to $1.270 trillion, its dominance over the altcoin sector has decreased by 0.4%, now accounting for 53.5% of the total market. Despite the bearish trends for major assets, mid-cap cryptocurrencies like TAO and SUI have emerged as top performers, highlighting the ongoing volatility within the crypto market.
