These Altcoins Bleed Out as Bitcoin (BTC) Slips Toward $102K (Market Watch)

Bitcoin’s price movements worsened in the past 24 hours as the asset lost the $105,000 level and dropped by about three grand.

The altcoins have also turned red on a daily scale, with ETH sliding to $2,300, DOGE dropping to $0.35, and ADA losing the $1 level.

BTC Slips

The weekend went quite favorably for the primary cryptocurrency, as its price remained above $100,000 during the TRUMP-token wild ride. The landscape was quite different on Monday, at least during the morning Asian trading session.

BTC headed south as the day started and dumped from $106,000 to just under $100,000. After this massive price decline, though, came the bounce-off, which propelled the cryptocurrency to over $109,000 for the first time ever.

Following the latest all-time high, bitcoin started to lose value, which culminated during the Trump inauguration speech. As he failed to mention crypto or bitcoin even once, BTC slumped by several grand once again.

Nevertheless, it recovered some ground on Wednesday and stood at around $105,000. The past 24 hours have been painful again, as BTC now sits at around $102,000. Its market cap has taken a hit, but it is still above $2 trillion, while the dominance over the alts is north of 55% on CG.

BTCUSD. Source: TradingView

Alts in Red

Most alternative coins have headed south in the past 24 hours. Ethereum is close to breaking below $3,200 after a 2.6% daily decline. A similar decrease has pushed SOL to well below $250, while DOGE and ADA have dropped by more than 3%. Chainlink has lost the most value from the larger-cap alts, dropping by 6% to under $25.

Next in line in this adverse ranking are AVAX, SUI, and XLM, as well as PEPE, AAVE, VET, and CRO from the mid-cap alts.

The cumulative market capitalization of all cryptocurrency assets has seen just over $100 billion since yesterday and is down to $3.660 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto