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Kriptoteka > Crypto News > Crypto Market Falls $150B in 2 Days as Bitcoin Nears $60K
Crypto News

Crypto Market Falls $150B in 2 Days as Bitcoin Nears $60K

marcel.mihalic@gmail.com
Last updated: October 3, 2024 8:42 am
By marcel.mihalic@gmail.com 4 Min Read
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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.

Bitcoin/Price/Chart 03.10.2024. Source: TradingView
Bitcoin/Price/Chart 03.10.2024. Source: TradingView

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.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: The information provided on CryptoPotato reflects the opinions of the authors, not necessarily those of CryptoPotato regarding the advisability of any investments. You are encouraged to perform your own research before making investment decisions. Use the information at your own risk. See the Disclaimer for more details.

Cryptocurrency charts by TradingView.

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