Crypto Market Update

Martin Walker
Sep 10, 2023 at 11:28 am

Bitcoin's price performance remains rather lackluster, displaying limited momentum in either upward or downward directions.

Over the course of the past day, several alternative cryptocurrencies have experienced noteworthy declines, with SOL leading the pack in the realm of adverse price movements.

BTC Stagnates Below $26K

The month of September, thus far, has proven to be somewhat uneventful in terms of BTC's price dynamics. It commenced with a notable crash, driving Bitcoin to an 11-week low of $25,350, following a prior surge that saw it surpass the $28,000 threshold in the wake of Grayscale's triumph.

Following this, Bitcoin did manage to recoup a modest $500 in value, but it essentially remained in a state of stagnation for an entire week until Thursday entered the scene. At that point, bullish sentiment took hold, propelling BTC's value northward by several hundred dollars, ultimately reaching a weekly peak at $26,400.

However, disappointingly, akin to prior instances of price surges, this upward momentum proved short-lived, and the cryptocurrency swiftly relinquished all its gains. Consequently, it has remained entrenched below the $26,000 mark, a trend that continues to persist over the past 24 hours.

During this period, its market capitalization has hovered just above the $500 billion mark, with its dominance over other cryptocurrencies experiencing a slight uptick, now standing at 48.5%.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView  

SOL Takes the Lead in the Southward Plunge

Ethereum, Binance Coin, Ripple, and Tron have also dipped slightly into negative territory, undergoing retracements of up to 1%. Presently, their respective values are situated at $1,620, $212, $0.5, and below $0.08.

In contrast, Dogecoin, Cardano, TONCOIN, Polkadot, Polygon, Litecoin, and Shiba Inu have borne the brunt of more substantial losses, with their values contracting by 2% to 3%. Among this group, Solana has experienced the most substantial decline within the category of larger-cap altcoins, witnessing a drop of 5% and sinking well below the $20 threshold.

Furthermore, other cryptocurrencies such as Pepe (-7.5%), Compound (-6%), Gala (-6%), and ApeCoin (-5%) have also witnessed noteworthy decreases in their respective values.

As a result, the cumulative market capitalization of all cryptocurrencies has observed a decline of $10 billion within a single day, bringing the total to $1.040 trillion.

Cryptocurrency Market Overview. Source: Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto  

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