Bitcoin Slipped Below $120K, These Altcoins Crash Harder: Market Watch
Bitcoin experienced a price decline over the past 24 hours, but remains in green territory on a weekly basis.
ETH held its ground at around $4,300, but several well-known altcoins plunged by double digits on a daily basis.
BTC Couldn’t Keep the Momentum
The primary cryptocurrency briefly surged past $122,000 on August 11, while its market capitalization reached almost $2.5 trillion.
Instead of tapping a new all-time high, though, BTC headed down in the following hours. At one point, the price slipped below $118,500, whereas currently the asset trades just south of $119,000.
It is important to note that the coming hours may bring additional volatility for BTC and the broader crypto market. The US CPI (Consumer Price Index) report is scheduled for release today, and expectations are that inflation in the world’s largest economy will mark a slight increase.
The data is closely monitored by the Federal Reserve and may affect its decision to cut interest rates next month potentially. On the other hand, softer-than-forecast inflation could spark a crypto rally by reviving hopes for easier monetary policy after the next FOMC meeting.
BTC’s market capitalization has retreated to approximately $2.36 trillion, but it remains the sixth-largest asset in the world. Its dominance against the altcoins slightly increased to around 58.6%.
These Alts Bleed Out Heavily
In contrast to BTC, Ethereum (ETH) did not take its foot off the gas pedal. Its price currently stands at over $4,300, representing an impressive 45% increase on a monthly scale.
Other altcoins that have posted some gains over the last 24 hours include Bitcoin Cash (BCH), TRON (TRX), and Toncoin (TON).
However, those in red territory outnumber the gainers. The price of Story (IP) tumbled by 16%, Bonk (BONK) and Pudgy Penguins (PNGU) plunged by 12% each, whereas Pi Network (PI) declined by 7%.
The total crypto market capitalization retreated to $4.04 trillion, representing a 2% decline from yesterday’s figure.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
