These Altcoins Bleed Out the Most as Bitcoin (BTC) Slips Below $63K (Market Watch)

Bitcoin briefly exceeded $65,000 yesterday, but the subsequent rejection pushed it south hard by over two grand, and the asset is well below $63,000 now.

This correction has impacted several altcoins even worse, with UNI, LINK, TON, and others losing more than 4% daily.

BTC Under $63K

The previous business week went mostly sideways for BTC as it remained below $60,000 for most of it. However, that all changed on Friday after two positive developments in the US. First, Fed Chair Jerome Powell asserted that the time to cut interest rates has come, with most experts anticipating a slash in September.

Then, RFK dropped out of the 2024 US presidential elections and publicly endorsed the self-proclaimed ‘pro-crypto’ choice – Donald Trump. Both these news propelled an impressive rally for bitcoin, as it shot up by over four grand by Saturday morning.

After a relatively quiet weekend, BTC went on the offensive on Monday morning as well but was quickly halted at just over $65,100. Since then, the cryptocurrency has lost more than two grand and now struggles below $63,000 despite the positive inflow streak for the US spot Bitcoin ETFs.

Its market capitalization has declined by $20 billion in a day to $1.240 trillion, but its dominance over the alts stands inches away from 54% on CG.

Bitcoin/Price/Chart. 27.08.2024. Source: TradingView

Alts Bleed Out

Most altcoins have turned red today, with Uniswap and Chainlink leading the adverse trend from the larger caps. UNI Has dumped by just under 6%, while LINK has lost 6.4% in the past 24 hours. As a result, the former is below $6.2, while the latter is under $12.

Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin, and Toncoin have declined by somewhere between 3-4%. ETH, BNB, SOL, XRP, and AVAX are also in the red, albeit in a less painful manner.

The cumulative market capitalization of all crypto assets has seen over $50 billion gone in a day, and is down to just under $2.3 trillion now.