Bitcoin dropped to new monthly low
Earlier in the week, Bitcoin attempted to regain some of its lost value but encountered resistance, ultimately leading to a descent to $55,300 – marking its lowest point in a month.
Meanwhile, the broader altcoin market isn't faring any better, with losses across the board. However, Toncoin emerges as a standout, defying the trend.
Recent times haven't been kind to Bitcoin's price trajectory. The cryptocurrency last saw heights above $60,000 on August 29, reaching up to $61,200. Unfortunately, its momentum was short-lived, quickly retreating below that significant level.
Early September witnessed a dip to $57,000, followed by a brief recovery push that saw Bitcoin touch $59,700, only to falter once more due to insufficient buying pressure. A similar pattern unfolded yesterday, with Bitcoin spiking to $58,500 before succumbing to bearish forces once again.
This ongoing pressure resulted in Bitcoin hitting a new one-month low of $55,300 today. Although it has made some recovery, the cryptocurrency's price remains under $56,000, down by 2.5% for the day. Its market capitalization has plummeted to $1.1 trillion, with its dominance falling below 54% against altcoins.
The altcoin sector has largely mirrored Bitcoin's recent lag, registering losses across the board.
Ethereum has experienced a downturn akin to Bitcoin’s, dropping to $2,350. Other major cryptocurrencies like Solana and Ripple have endured steeper losses, ranging from 3.5% to 4%, pushing SOL below $130, and XRP to a mere $0.53.
Other prominent altcoins haven't been spared, with FET, NEAR, and TAO witnessing significant depreciations. In a contrasting move, TON stands out by securing a 3% increase for the day.
Amidst this widespread downturn, the total market capitalization of cryptocurrencies has contracted by $50 billion overnight, settling at $2.050 trillion.
