Uptober hasn’t quite validated the bulls’ expectations, at least for now, as Bitcoin has experienced a significant downturn, even dipping to $60,000 yesterday.
Altcoins are also in a downward spiral, with notable declines of 5-6% in cryptocurrencies like ETH, SOL, LINK, AVAX, and others.
Is Bitcoin Set to Drop Below $60K?
Just a few days ago, on Sunday, the leading cryptocurrency was riding high at over $66,000 following a solid week that saw it gain approximately 10%. However, the bearish sentiment quickly reemerged, forcing the asset downward in the days that followed.
After falling to $63,000 on Monday and $60,200 on Tuesday, BTC reached just under $60,000 (on Bitstamp) yesterday. The bulls initially defended this level, leading the asset to rise above $62,000 around midday.
Nevertheless, it was unable to maintain that momentum, retreating again to its current position of $60,500. This situation has sparked doubts among industry analysts regarding whether October will be as bullish as it traditionally has been.
At its current price, BTC’s market capitalization has dropped below $1.2 trillion, having been above $1.3 trillion just days ago. On a positive note, its dominance over altcoins has risen to 54.5%, as most altcoins have suffered even greater losses.
XRP Takes a Nosedive
Perhaps the most significant news in the crypto space yesterday was the SEC’s unexpected decision to appeal a court ruling in its case against Ripple. This announcement had an immediate and dramatic effect on XRP’s price, which tumbled by double digits. Currently, XRP is down by 14% and is struggling to maintain a value above $0.51.
Many other major altcoins have also faltered, as noted earlier. Ethereum has decreased by 5% to below $2,350, SOL has fallen below $140 after a daily drop of 5.5%, while AVAX and LINK have seen declines of 7% and 6%, respectively.
Significant price drops have been noted for ENA (-20%), BEAM (-19%), WIF (-16%), and BONK (-15%).
The total cryptocurrency market capitalization has fallen to $2.2 trillion on CG, indicating that it has lost roughly $150 billion since the beginning of October.
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