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Saturday, May 18, 2024

Bitcoin Slumps to 10-Day Lows, DOGE and SHIB Among the Double-Digit Losers (Weekend Watch)

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This weekend doesn’t resemble the previous few, which were a lot less volatile, as the primary cryptocurrency has dumped hard to a ten-day low of under $65,000.

The alternative coins are also well in the red, and the total crypto market cap has lost over $100 billion daily and more than $300 billion in the past few days.

BTC Dumps Hard

Monday began on a high note as BTC soared from $67,000 after retracing on Sunday evening to over $70,000 to register a new all-time high. The asset kept climbing in the following days and peaked at $73,800, which is the current ATH as of now.

It was reached on Thursday but was followed by a massive rejection. The bears finally took control of the market and pushed Bitcoin south to under $66,000 on Friday. BTC recovered some ground on Saturday and even challenged $70,000.

However, it didn’t see much success there and was quickly driven back down to $68,000. The last 12 hours or so saw another decline that led to BTC charting a ten-day low of $64,500 (on Bitstamp). Despite recovering around a grand since that low, Bitcoin is still more than 5% down on the day.

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Its market capitalization has plunged to under $1.3 trillion, but its dominance over the alts has gained 0.5% daily.

BTCUSD. Source: TradingView

Alts in Red Again

The altcoins have followed BTC on the way down with massive declines. Ethereum had been gaining a lot of traction until the Friday rejection and had exceeded $4,000. However, ETH lost that level two days ago and is now under $3,500 after another 7% daily drop.

Similar declines are evident from Binance Coin, Solana, and Ripple. Even more losses come from the likes of Avalanche (-15%), Shiba Inu (-15%), Dogecoin (-14%), Polygon (-11%), and Polkadot (-10%).

The mid- and lower-cap alts have also bled out in the past day. This has resulted in another decline of more than $100 billion for the total market cap, which is now down to under $2.6 trillion. This means that the metric has shed over $300 billion since Friday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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