This Week’s Biggest Losers Revealed as Bitcoin (BTC) Price Tumbles to $58K (Weekend Watch)

It wasn’t a good week for bitcoin as the asset is down by about 9%, and it slipped below $58,000 earlier today for the third time in days.

The altcoins are also in the red on both daily and weekly scales. The total crypto market cap has seen more than $250 billion gone since last Sunday.

BTC Down 9% Weekly

The price movements that transpired for BTC at the end of the previous week and on Monday couldn’t really have foreseen how things would turn out. Recall that bitcoin had jumped to $64,000 last weekend and shot up to a three-week high on Monday at just over $65,100.

However, the bears reminded of their presence at this point and didn’t allow any further gains. In fact, the cryptocurrency headed south almost immediately and dumped to $58,000 on Wednesday, erasing seven grand of value.

Friday saw a price dip to $57,750 after failing to conquer decisively the $60,000 level on Thursday. Since then, BTC has tried to regain some traction but was stopped at $59,000 on a couple of occasions.

As such, the asset slipped below $58,000 once again hours ago. Although it has managed to bounce off to just over that level now, it’s still 1.2% down on the day and almost 9% in the red on a weekly scale.

Its market cap has plunged to $1.150 trillion, but its dominance over the alts is up to 53.9% on CG.

Bitcoin/Price/Chart 01.09.2024. Source: TradingView

Alts Turn Red

The increasing BTC dominance in times of bitcoin retracements means that most alts have it worse. Although the daily numbers are in the red as well, we will focus mostly on the weekly declines as they are even more painful.

Ethereum has dropped by 9.5% since this time last Friday and now struggles below $2,500 amid the lack of demand for the ETH ETFs in the States. BNB is down by 8.6%, XRP by 6.6%, DOGE by 8.2%, ADA by 9%, SHIB by 7.5%, and LINK by almost 10%.

The biggest losers from the larger-cap alts are Solana and Avalanche. Both have slumped by more than 15% to $132 and $22, respectively.

TON is slightly in the green on a weekly scale, but that’s actually misleading since it plummeted last Saturday after the arrest of Telegram’s CEO, Pavel Durov. FET is the only larger-cap with actual gains on a weekly scale.

The total crypto market cap has plummeted to $2.140 trillion, meaning that it has lost more than $250 billion in about seven days.

Cryptocurrency Market Overview. Source: QuantifyCrypto