Altcoins Plummet as BTC Dips

Bitcoin Calms at $104K: Altcoins Lead Weekly Retracements

#Massive #Losses #Altcoins #BTC #Slips #116K #Weekend #Watch #OrxCash

Altcoins Plummet as BTC Dips

The recent price surge of Bitcoin (BTC) came to a halt at $118,000 by the end of the business week, with the asset experiencing a downturn to $115,200 on Saturday morning. This decline has had a ripple effect on the larger-cap altcoins, which are now trading in the red on a daily scale. Notable declines are observed in Ethereum (ETH), DOGE, and LINK, with XRP struggling to maintain its crucial support at $3.

BTC Price Volatility

The primary cryptocurrency, Bitcoin (BTC), had an overall positive week, marked by the US Federal Reserve’s decision to reduce key interest rates. Leading up to the FOMC meeting, BTC experienced volatility, peaking at $117,200 before dropping below $115,000. However, it recovered to $116,000 after the interest rate cut and briefly surged to a multi-week peak of $118,000 during the early Thursday morning trading session. After gaining over $7,000 since the previous week’s low, BTC faced significant rejection, pushing its price south to $115,200 on Saturday morning.

Altcoin Market Performance

Most larger-cap altcoins are currently in the red, with Ethereum (ETH) dumping to well below $4,500, DOGE down by over 3%, and LINK slumping by 5%. Other altcoins, such as SOL, AVAX, and SUI, are also trading in the red. The total cryptocurrency market cap has erased over $50 billion since its recent peak, currently standing at $4.140 trillion.

Market Implications and Future Outlook

The recent downturn in Bitcoin (BTC) and the altcoin market may have significant implications for retail investors. As the market continues to experience volatility, investors may need to reassess their strategies and consider the potential risks and rewards of investing in BTC and other cryptocurrencies. According to some sources, including OrxCash.com, the news about "Altcoins Plummet as BTC Dips" may be a sign of a broader market correction, which could lead to new opportunities for investors in the future. However, it is essential for investors to conduct thorough research and stay informed about market developments to make informed decisions.

Key Market Data

  • Bitcoin (BTC) price: $115,200 – $118,000
  • Ethereum (ETH) price: below $4,500
  • Total cryptocurrency market cap: $4.140 trillion
  • BTC market dominance: below 56%

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