Bitcoin’s price went through a massive rollercoaster on Friday night, dumping by $3,000 in minutes before it recovered some ground to $67,000.
The altcoins have it even worse, and the total crypto market cap has shed about $70 billion overnight.
BTC’s Down and Up
The business week started quite promising for the primary cryptocurrency, which jumped on Monday from $68,000 to $69,500 to chart its highest price tag since late July. However, it faced an immediate rejection at that point that pushed it south to $67,000 by the end of the day and on Tuesday.
More volatility and price declines followed on Wednesday as the bears initiated a massive leg down that drove BTC down to $65,000. Nevertheless, the bulls intervened, and bitcoin went on the offensive, jumping to almost $69,000 on a couple of occasions on Thursday and Friday.
This is when the actual price fluctuations arrived following a report by the WSJ claiming that the US government had launched an investigation against Tether. Although the stablecoin issuer denied the claims, the damage was done, and BTC dumped by over three grand in minutes to $65,500.
It managed to recover some ground and now trades close to $67,000, but this volatility led to more than $400 million in liquidations. Being 1.3% down on the day means that its market cap has slipped to $1.320 trillion. However, BTC’s dominance over the alts has shot up to 55.7% on CG.
Bitcoin/Price/Chart 26.10.2024. Source: TradingView Alts Bleed Out
The news impacted the altcoins even more, as shown by the growing BTC dominance. Ethereum, Binance Coin, Tron, Ripple, Bitcoin Cash, and Cardano have dropped by 1-3.5% in the past day. SOL, DOGE, TON, AVAX, LINK, and SHIB have dumped even more, with losses of up to 5.3% in the case of the second-largest meme coin.
Even more painful declines come from the likes of TIA (-14%), APT (-10%), MEW (-10%), KAS (-10%), AR (-10%), GALA (-10%), and JASMY (-9.5%).
Overall, the total crypto market cap has fallen to $2.37 trillion on CG, which means that it has lost approximately $70 billion in a day.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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