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Bitcoin Price Dumps Toward $61K, Toncoin Explodes 7% to $6 (Market Watch)


Bitcoin’s price troubles continued in the past 24 hours as the asset dropped below $62,000 and $61,000 to chart a 6-day low.

Interestingly, not all altcoins have followed BTC on the way south, as some, such as TON and RNDR, have posted impressive gains of around 7% each.

BTC Down to $61K

The primary cryptocurrency had a strong end to the previous week when it jumped from under $59,000 to $62,000 on Friday and kept climbing during the weekend to almost $64,000.

After failing to overcome that line at first, the asset initiated another leg up on Monday that resulted in soaring past $65,000 and tapping a 12-day high of $65,500. However, the bears were quick to intercept the move and didn’t allow any further gains.

Just the opposite, BTC started losing value in the next few days as it first dropped to $63,500 before the bears drove it to around $62,500 on Wednesday. The landscape worsened in the past 24 hours as bitcoin dumped once again, falling below $61,000 for the first time in nearly a week.

It has recovered some ground and now trades above $61,000, but it is still 1.5% down on the day. Its market cap is close to breaking below $1.2 trillion, while its dominance over the alts has declined to 50.5% on CG.

Bitcoin/Price/Chart 09.05.2024. Source: TradingView

TON Defies Overall Sentiment

Ethereum and Ripple have both dropped by around 1% in the past day to under $3,000 and $0.51, respectively. Solana, Dogecoin, and Polkadot are also in the red from the larger-cap alts.

Binance Coin and Cardano, though, have added over 3% of value in the past day. As a result, BNB sits at $600, while ADA is at $0.45. Toncoin has emerged as the top performer from the larger-cap alts, having gained 7% on a daily scale. Consequently, TON trades above $6 now.

RNDR is the other notable gainer from the top 36 alts, followed by PEPE, ETC, ATOM, HBAR, and LTC.

Nevertheless, the total crypto market cap has shed another $20 billion and is down below $2.4 trillion. The metric has declined by about $170 billion since Monday.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.



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