Uptober has failed to prove the bulls right, at least for now, as bitcoin has dropped hard and even slipped to $60,000 yesterday.
The altcoins are also in a freefall state, with numerous price drops of 5-6% from the likes of ETH, SOL, LINK, AVAX, and others.
Will Bitcoin Lose $60K?
It was just several days ago, on Sunday when the primary cryptocurrency stood tall at over $66,000 after a strong week in which it gained about 10%. However, the bears were quick to remind of their presence and began pushing the asset south hard in the following days.
After dropping to $63,000 on Monday and $60,200 on Tuesday, BTC slipped to just under $60,000 (on Bitstamp) yesterday. The bulls managed to defend that level at first, but the asset jumped to over $62,000 midday.
However, it was stopped there and driven south once again, currently sitting at $60,500. This has propelled many industry analysts to question whether October will be as bullish as history suggests.
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BTC’s current price tag means that its market capitalization has plummeted to just under $1.2 trillion after sitting above $1.3 trillion days ago. The silver lining is that its dominance over the alts has soared to 54.5%, as most of them have suffered even more.
XRP Falls Hard
Perhaps the biggest news in the industry yesterday was the SEC’s rather unexpected decision to appeal a court decision in its lawsuit against Ripple. The move had a dramatic and immediate impact on XRP’s price, which tumbled by double digits. Currently, the asset is down by 14% and struggles to remain above $0.51.
Many other larger-cap alts have suffered as well, as mentioned above. Ethereum has dumped by 5% to under $2,350, SOL is below $140 after a 5.5% daily drop, while AVAX and LINK have slumped by 7% and 6%, respectively.
Major price crashes come from the likes of ENA (-20%), BEAM (-19%), WIF (-16%), and BONK (-15%).
The total crypto market cap has dumped to $2.2 trillion on CG, which means that it has lost roughly $150 billion since October’s start.
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Cryptocurrency charts by TradingView.