From CryptoPotato · By Jordan Lyanchev
Bitcoin’s price descent that began on Wednesday morning continued in the following 24 hours, with the asset dipping to $82,200 for the first time in over two weeks.
Most larger-cap altcoins are also in the red today, led by ZEC’s 6% decline, and followed by 3-4% drops from XRP, HYPE, LINK, and others. BTW has defied the trend.
BTC Hits 17-Day Low
The previous business week ended with intense volatility, especially after the release of the US labor data for September. As the report was weaker than expected, BTC reacted with an immediate leg up and jumped to $87,250. However, the subsequent reaction was quite different and a lot more painful.
The cryptocurrency crashed by over $3,000 within a few hours and slipped below $84,000. The asset finally found some support at that level and reclaimed it on Saturday. The bulls tried to break out on Sunday evening and Monday morning, with BTC heading toward $87,000 once again.
A familiar rejection scenario repeated, and BTC quickly dipped to $85,000. It rebounded to $86,700, but the following rejection took the bulls by surprise and led to a more profound pullback. At first, bitcoin dropped by $2,000 in 20 minutes. The immediate rebound was halted at $84,300, and the cryptocurrency slumped to $82,200 earlier today to mark a 17-day low.
It trades at around $83,000 as of now, with its market cap dropping to $1.660 trillion on CMC. Its dominance over the alts has remained flat at 59%.
BTCUSD October 8. Source: TradingView
(Almost) All Alts Keep Bleeding
Ethereum, which stood above $2,700 until less than two days ago, is now down to $2,560 after another 1.6% decline on a 24-hour scale. XRP has plummeted to $1.41 after it was rejected at $1.50. SOL is down to $115, while HYPE is well below $90. ZEC has dumped the most among this cohort of alts, tanking by 6% to $1,240.
Further losses are evident from DOGE, LINK, RAIN, BCH, LTC, UNI, ENA, PUMP, and SKY. In contrast, BTW is up by over 11%, while JUP, RAY, CRV, and ALGO complete the double-digit price gainers club today.
The total crypto market cap has shed just over $100 million in the past 36 hours, going from $2.920 trillion to $2.810 trillion on CMC.
Cryptocurrency Market Overview October 8. Source: QuantifyCrypto
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