Altcoins Crash Once More as Bitcoin (BTC) Slips to $63K (Weekend Watch)

Bitcoin’s price recovery attempts from the business week have come to a halt as the asset slumped to $62,400 earlier before bouncing off to around $63,000 as of now.

The altcoins are in no better shape, with most of the market turning red today. The total crypto market cap is down by $150 billion in two days.

BTC Dumps to $63K

Bitcoin’s price actions before and after the fourth halving, which was completed last Friday, have been quite underwhelming . The asset recovered some ground after the Iran-Israel attacks and stood above $65,000 when the block rewards were reduced.

It even started climbing in the following days and challenged $67,000 on a few occasions. Yet, it didn’t see much success there amid the growing ETF outflows .

Just the opposite, BTC started to lose value rapidly in the past few days, which culminated in a substantial price decline to a multi-day low of $62,400 earlier today.

Despite recovering some ground, bitcoin still struggles to reclaim $63,000. Its market cap has slipped to $1.240 trillion on CoinGecko, while its dominance over the altcoins stands still below 51%.

Alts Turn Red

The alternative coins space is in a dire state today as well. The most violent price decline from a larger-cap alt comes from Solana. The token has dropped by over 5% in a day and struggles below $140 now. Dogecoin (-3.5%), Cardano (-3.2%), Avalanche (-3.6%), Shiba Inu (-3.1%), and Polkadot (-2.75%) follow suit.

ETH, BNB, XRP, and TON are also in the red but in a less violent manner. Tron’s native token is among the few alts in the green today, charting a 3% increase.

However, most other lower- and mid-cap alts have posted significant losses over the past day as well. As such, the total crypto market cap is down by $50 billion overnight and $150 billion since Thursday to under $2.450 trillion on CG.