Top Altcoins Suffer Biggest Losses as Bitcoin (BTC) Falls Below $60K (Market Analysis)

Bitcoin’s price took another sharp turn for the worse yesterday when it dropped below $60,000 for the first time in well over a month.

Most altcoins are also deep in the red today, with names such as SOL, DOGE, and TON dumping by more than 5-6%.

BTC’s Latest Nosedive

It was less than a week ago – last Friday – when the primary cryptocurrency stood above $70,000 and even challenged $71,000. However, that was short-lived, and external events, like the US Fed’s comments and the rising tension between Iran and Israel, led to massive price declines.

It all started on Friday evening with a drop to $65,000. After recovering a couple of grand on Saturday, BTC dumped later that evening when Iran launched an attack against Israel. The asset fell to $61,000.

It managed to reclaim some ground on Sunday and Monday, but that didn’t last long, and Bitcoin started losing value once again. This culminated yesterday when the cryptocurrency plummeted to just under $60,000 for the first time since early March 2024.

Despite being more than $1,500 higher now than that low, BTC is still 3% down on the day and is barely hanging above $61,000. Its market cap has declined to $1.210 trillion, while its dominance over the alts stands still at 51.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Turn Red Again

The altcoins also followed suit with price declines in the past 24 hours. Ethereum, for instance, went from over $3,100 to below $3,000, and it is currently struggling as well. Aside from BNB, which is slightly in the green, the rest of the alts are deep in the red.

This trend is led by Dogecoin, which has dumped by over 8%. Toncoin (-6.5%) and Solana (-5%) are next, followed by ADA, AVAX, SHIB, TRX, and LINK.

Further losses are evident from the likes of WIF (-10%), TAO (-7.5%), OKB (-7.5%), and more.

The total crypto market cap is down by $60 billion overnight and is down to $2.350 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.