Bitcoin recently dropped below $60,000, which hit the broader crypto market hard. Ethereum and other altcoins also saw big drops, though DOGE held its support at $0.10. After a calm Saturday, the market turned down on Sunday, led by Bitcoin’s fall.
Things got worse last Monday when Bitcoin dropped to $48,800, influenced by Japan’s economic troubles. So, what’s happening now with Bitcoin and other major altcoins?
Bitcoin’s Recent Price Fluctuations
On August 5th, Japan’s economic collapse caused Bitcoin prices to drop significantly, eventually falling to $48,800. However, prices began to recover and within a week, Bitcoin surged past $62,000, rekindling investor enthusiasm.
Today’s charts, however, show a different trend. Over the weekend, Bitcoin experienced a 4.26% decline, bringing its price down to $58,500. During this time, Bitcoin’s market cap decreased to $1.154 trillion, and the 24-hour trading volume fell to $24.9 billion, significantly lower than last week’s levels.

Recent Performance of Major Altcoins
Following Bitcoin’s fluctuations, attention shifted to altcoins, with Ethereum, the leading altcoin, also experiencing a decline. In the last 24 hours, Ethereum’s price dropped by 4.12%, trading at $2,542. ETH’s market cap began the week at $305.8 billion, with a 24-hour trading volume of $14.7 billion.
Binance’s native token, BNB, which had previously reached an all-time high of $720, fell to $507 after a 4.26% drop. Solana, often dubbed the “Ethereum killer,” saw a more significant decrease, with its price dropping by 7.50% to $144, moving away from the $150 level.
XRP, which gained attention last week due to its legal victory against the SEC and its rise above $0.50, experienced a 4.53% drop, trading at $0.5627. Similarly, TON, which saw its price rise above $6 after being listed on Binance, faced an 8.81% drop, trading at $6.09.
Lastly, despite its sharp decline, DOGE, the leading meme coin, remains at $0.1018, holding its psychological support level of $0.10. DOGE’s price movement in the last 24 hours showed a 7.04% decline.
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Introduction

The release of U.S. Producer Price Index (PPI) data has led to a dip in Bitcoin’s value, which coincided with the opening of stock markets. Meanwhile, gold prices have surged to all-time highs, and the European Central Bank (ECB) President has forecasted a rise in inflation by the last quarter. Financial experts have shared their views on the current state of the cryptocurrency market.

September 12 Cryptocurrency Insights

QCP Capital analysts offered their take on the recent market conditions. Their comprehensive analysis, which takes into account macroeconomic developments, continues to guide many market participants. With the Federal Reserve’s interest rate decision just days away, many expect a 25 basis point (bp) rate cut to be announced next Wednesday.
"The U.S. Consumer Price Index (CPI) data released yesterday met market expectations, with core CPI increasing to 0.3%, slightly above the predicted 0.2%. This data has significantly raised the probability of a 25bp Fed rate cut, now standing at 85%.
In the crypto sector, Bitcoin (BTC) recovered from its earlier losses to stabilize around $57,000, indicating renewed demand and a positive market outlook. Increased options activity, particularly in October-December Calls, reflects this sentiment. BTC volatility dropped by 12 points this week due to the CPI release and the ongoing U.S. presidential debates. With no major macroeconomic events on the horizon, we anticipate lower volatility leading up to next week’s Federal Open Market Committee (FOMC) meeting.
Considering the overall economic climate, the market appears to be gaining momentum, fueled by expectations of the upcoming rate cut and the approaching U.S. Presidential Elections."
Analysts predict that cryptocurrencies could reach higher levels by November and December, driven by these bullish signals.

Bitcoin’s Current Position

Bitcoin is currently trading at $57,000, and many market analysts anticipate an upward trajectory if this support level holds. If key technical levels are maintained leading up to the Fed’s decision, it could spark increased risk-taking in altcoins. However, the ECB President’s prediction of a rise in inflation in the last quarter adds a layer of uncertainty.
If the Fed does cut rates while labour market data continues to weaken and inflation rises globally, it could dampen hopes for a year-end rally in the markets.