Bitcoin Falls To $60,000 As Total Crypto Market Capitalization Loses $70 Billion
The Flagship crypto asset Bitcoin has dropped to $60,661 following a general market downturn that left most assets in the Red.
The Total market capitalization of the entire crypto market also lost a staggering $70 billion following the downturn.
Bitcoin initially plummeted below the $60,000 mark for the first time in several weeks before slightly gaining to $60,661 at the time of the report.
US Bitcoin ETF records $50 million inflow while Ethereum ETFs log $26.7 million in inflows too
AUGUST 2, 2024
The same scenario played out with Altcoins with ETH slumping beneath $2,900, while SOL, DOGE, and BCH have dumped by 6–7%.
Bitcoin through the week
After a brief roller coaster last weekend, Bitcoin hit $70,000 a seven-week high level following various Pro- crypto speeches from influential persons like Donald Trump, Senator Lummis, and Michael Saylor at the Bitcoin Conference held in Nashville.
The 70,000 price level was short-lived as the asset was dumped by $4,000 to cool off at $66,000. On Friday Bitcoin dumped from $66,000 to $62,000 following News of the US unemployment rate hitting the highest level since 2021.
Over the weekend Bitcoin dumped to below $60,000 alongside risky US stocks as the General crypto market turned red. However, it slightly recovered to $60,661 at the time of the report. Bitcoin Market Cap has slumped below $1.2 trillion at the moment.
How is Bitcoin faring at the moment?
At the time of the report, Bitcoin is changing hands for $60,661 dropping by 1.7% in the last 24 hours with a maximum price of $62,161 and a minimum price of $59,909.
The crypto asset is down 10% in the last 7 days and 17.7% from its all-time high of $73,737.
Altcoins drop over the weekend
Altcoins were heavily affected by the general market downtime over the weekend too. The altcoins have a long history of reacting to Bitcoin’s performance.
The Biggest losers over the weekend amongst the Altcoins with large market caps include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).
Ethereum and Binance coins also dropped in Price values with Ethereum dropping to $2,890 before recovering to $2,907 and Binance coins dropping to $523 before dropping even further to $349 at the time of report.
What to know
The Total crypto market capitalization lost a whopping $70 billion dropping to $2.230 trillion following the general market downturn. The top 19 crypto assets by market capitalization are all in red at the time of this report.
The Total crypto market capitalization is down by 2.4% in the last 24 hours.
Despite the general market downturn, Bitcoin still maintains reasonable dominance over the Altcoins per Coingecko data. Bitcoin’s dominance over the altcoins is on the rise to 53.2% according to the crypto stats platform.
