Here Are Today’s Biggest Losers as Bitcoin (BTC) Dumps Below $59K (Market Watch)

After several days of recovering the recent losses, bitcoin’s price has finally retraced once again, losing the coveted $60,000 line and falling further to under $59,000.

The altcoins have followed suit, with numerous declines from the likes of ETH, BNB, XRP, and especially DOGE and SOL.

BTC Down Below $59K

The primary cryptocurrency had a violent start of the previous week. After the harmful weekend in which it dropped to under $57,000, the bears took it a step further last Monday with a price slump to $49,500 – the lowest position in about six months.

Bitcoin started to recover in the following days and even neared $63,000 by Friday. As such, it had added more than 20% of value in just a few days. The weekend was relatively calm as BTC remained at around $61,000 after losing some steam on Saturday morning.

The bears seemed to have come out of the woods in the past 12 hours, though. They pushed BTC south once again during the early morning Asian trading session and the asset fell below $60,000.

Furthermore, its retracement continued and it dropped to just over $58,000 earlier. Despite bouncing off slightly, BTC is still more than 4% down on the day as it struggles under $59,000.

Its market capitalization is down to $1.160 trillion, while its dominance over the alts is below 54%.

Bitcoin/Price/Chart 12.08.2024. Source: TradingView

Alts Back in Red

The alternative coins have posted similar, or in some cases, worse price declines in the past day. Solana leads the pack with a massive 7% drop that has driven it to well below $150. DOGE is next from the larger caps, with a 6% drop to $0.1. Toncoind, Cardano, Shiba Inu, and Polkadot have also declined by around 5% each.

Slightly less painful retracements come from the likes of ETH, BNB, XRP, AVAX, and BCH. However, most mid-cap alts have dumped by around 5-7%.

The cumulative market cap of all crypto assets has seen almost $100 billion gone in a day and is down to $2.160 trillion.