Crypto Markets Shed $60 Billion Overnight as Bitcoin Price Drops Toward $64K (Market Watch)

Bitcoin’s price ascent was stopped at over $66,000, and the asset fell by roughly two grand in the past several hours.

Interestingly, quite a few of the altcoins have registered minor gains over the past day, such as XRP, SUI, and UNI.

BTC Falls Toward $64K

Last Monday started in a different manner for bitcoin as the asset jumped from under $63,000 to almost $65,000, facing significant pressure and failing to double down. The bears reversed its trajectory and pushed it south to its starting point.

Another similar scenario was repeated on Wednesday and Thursday with identical price increases and corrections. However, this is where the bulls stepped up on the gas and initiated a massive leg-up on Friday that drove BTC to $66,000.

After a slight retracement there, the asset went on the offensive once again and jumped to a two-month peak of $66,500 (on Bitstamp). Although it couldn’t maintain its run during the weekend, it stood primarily above $65,000 and even $66,000.

Nevertheless, it fell hard during the Monday morning Asian trading session, dumping by roughly two grand in a fall to $64,200. It stands at that level now as well, with its market cap dropping to $1.270 trillion. Its dominance over the alts has also taken a hit and is down by 0.4% in a day to 53.5%.

XRP’s Gains Continue

Ripple’s native token was yesterday’s top performer, and it has only doubled down in the past 24 hours. XRP has tapped $0.65 after another 4% surge.

Toncoin, Solana, Tron, Avalanche, and Bitcoin Cash are slightly in the green from the larger-cap alts, while ETH, BNB, DOGE, ADA, SHIB, and LINK have posted losses of up to 4% in the case of the meme coins.

TAO and SUI have emerged as the top performers from the mid-caps, followed by APT, RNDR, and XLM.

Still, the total crypto market cap is down by $60 billion since the weekend peak to $2.370 trillion on CG.