Cryptocurrency

Solana

Bitcoin

when

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.
<h2 id="btc-s-nosedive-continues">BTC’s Nosedive Continues</h2>
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 <a href="https://cryptopotato.com/bitcoin-btc-price-taps-59k-dogwifhat-wif-skyrockets-12-daily-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">tapping</a> $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 <a href="https://cryptopotato.com/bitcoin-price-unable-to-recover-but-these-two-altcoins-soar-today-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">repeated</a>, 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%.
<figure id="attachment_358428" aria-describedby="caption-attachment-358428" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-358428" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5.png" alt="Bitcoin/Price/Chart 06.09.2024. Source: TradingView" width="3030" height="1478" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5.png 3030w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-1024x499.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-1536x749.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-5-50x24.png 50w" sizes="(max-width: 3030px) 100vw, 3030px"></a>
 <figcaption id="caption-attachment-358428" class="wp-caption-text">
 Bitcoin/Price/Chart 06.09.2024. Source: TradingView
 </figcaption>
</figure>
<h2 id="alts-in-red">Alts in Red</h2>
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.
<figure id="attachment_358429" aria-describedby="caption-attachment-358429" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-358429" src="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542.png" alt="Cryptocurrency Market Overview. Source: QuantifyCrypto" width="3118" height="1488" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542.png 3118w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-300x143.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-1024x489.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-768x367.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-1536x733.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-2048x977.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-06-114542-50x24.png 50w" sizes="(max-width: 3118px) 100vw, 3118px"></a>
 <figcaption id="caption-attachment-358429" class="wp-caption-text">
 Cryptocurrency Market Overview. Source: QuantifyCrypto
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/bitcoin-btc-dropped-to-new-monthly-low-as-alts-bleed-out-market-watch/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Dropped to New Monthly Low as Alts Bleed Out (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

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

Table of Contents

CryptoPotato_News

Other articles published on Sep 6, 2024

VSG Now Listed on Uniswap: Expanding Access and Freedom for Crypto Traders

Justin Sun’s SunPump to Initiate "100% On-chain Buyback and Burn Process"

Binance Kazakhstan Gains AFSA Pre-Approval for License

XRP Price Drops as Whale Moves 105 Million XRP

Optimisme Kenaikan Bitcoin pada September 2024

Hamster Kombat to Launch $HMSTR Token and Airdrop on Sept. 26

Join our free newsletter for daily crypto updates!