Crypto Markets Lost $100 Billion as Bitcoin (BTC) Dropped Below $56K (Market Watch)

Bitcoin tried to take down $60,000 just yesterday morning but was stopped in its tracks and pushed south to a monthly low of under $56,000.

The altcoins have followed suit with substantial declines as ETH is down to $2,400, while BNB is at $510.

BTC’s Decline Continues

It’s safe to say that bitcoin has seen better days. In fact, it tried to take down $65,000 just last Monday, but its inability to do so resulted in continuous price declines. At first, BTC slumped to $58,000 on Wednesday but recovered some ground by the end of the week and even challenged $61,000 on Thursday.

However, it failed there as well and stood below $60,000 during the weekend. Monday began with a slight retracement toward $57,000 but the bulls managed to intervene and reversed the asset’s trajectory.

In fact, bitcoin shot up to $59,600 on Tuesday morning, but that was its best shot. It lost a grand almost immediately, but the landscape worsened earlier today when it plunged to a monthly low of $55,600 (on Bitstamp), leaving millions in liquidation.

It has recovered about a grand since then, but it’s still 4% down on the day. Its market cap has slumped to $1.120 trillion, and its dominance over the alts is under 54% on CG.

Bitcoin/Price/Chart 04.09.2024. Source: TradingView

TON in a Downfall

As it typically happens in such situations, the altcoins have turned red as well. Ethereum is down to $2,400 after a 5% daily drop, BNB is at $510 following a similar decline, while XRP, SOL, DOGE, ADA, AVAX, and SHIB have produced slightly less painful retracements.

However, Toncoin has dumped the most from the larger caps. The asset has tumbled by more than 11% in the past day alone and now struggles at $4.65.

The lower- and mid-cap alts are also in a knockdown state. As such, the total crypto market cap has plunged by about $100 billion since yesterday’s peak and is under $2.1 trillion on CG now.

Cryptocurrency Market Overview. Source: QuantifyCrypto