Markets
Bitcoin Price Drops to $61K, Toncoin Explodes 7% to $6 (Market Watch)
Bitcoin’s price woes continued over the past 24 hours, with the asset falling below $62,000 and $61,000, hitting 6-day lows.
Interestingly, not all altcoins followed BTC on the way south, as some, like TON and RNDR, recorded impressive gains of around 7% each.
BTC fell to $61K
The top cryptocurrency had a strong finish to the previous week when it jumped from under $59,000 to $62,000 on Friday and continued rising over the weekend to nearly $64,000.
After failing to overcome this line early on, the asset began another leg higher on Monday, which resulted in it rising above $65,000 and reaching a 12-day high of $65,500. However, the bears were quick to intercept movement and did not allow any additional gains.
On the contrary, BTC began to lose value in the following days, dropping to $63,500 before the bears took it to around $62,500 on Wednesday. The scenario worsened in the last 24 hours when bitcoin fell once again, falling below $61,000 for the first time in almost a week.
It has recovered some ground and now trades above $61,000, but is still down 1.5% on the day. Its market capitalization is close to surpassing $1.2 trillion, while its dominance over alts has fallen to 50.5% in CG.
Bitcoin/Price/Chart 05/09/2024. Source: TradingView
TON defies general sentiment
Ethereum and Ripple fell around 1% over the past day to under $3,000 and $0.51, respectively. Solana, Dogecoin, and Polkadot are also in the red relative to larger-cap alts.
Binance Coin and Cardano, however, added more than 3% in value in the last day. As a result, BNB is at $600 while ADA is at $0.45. Toncoin emerged as the best performer among the largest-cap alts, having gained 7% on a daily scale. Consequently, TON trades above $6 now.
RNDR is the other notable gainer among the top 36 alts, followed by PEPE, ETC, ATOM, HBAR, and LTC.
However, the total value of the crypto market has dropped another $20 billion and is below $2.4 trillion. The metric is down about $170 billion since Monday.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.