The cryptocurrency market is exhibiting a mix of price movements, with some major players facing losses while others show minor dips. Bitcoin Price has remained sluggish, with a recent drop pushing it just below the $26,000 mark. Altcoins such as XRP, ADA, DOGE, and DOT are also experiencing slight daily losses, with their values declining by approximately 2%.
Bitcoin Price Behavior Remains Uncertain
Bitcoin’s price performance has been atypical over the past month. Despite a notable exception on August 17 when it experienced a 10% drop in a single day, landing at a two-month low of $25,300, the cryptocurrency has since struggled to establish a decisive trend.
It managed to recover some ground and reached $26,000, remaining relatively stable for about a week. Following a price increase on Thursday, BTC surged to $26,800.
However, this upward movement proved short-lived as bears took control, driving the price back down to the familiar level of $26,000. The weekend remained uneventful, devoid of any significant movements. Starting the week, Bitcoin Price dipped slightly below $26,000. Its market capitalization has decreased to $505 billion, with its dominance over altcoins stagnating at 48.3%.
PEPE’s Notable Weekly Decline
In contrast to several altcoins that exhibited sideways trading over the past week, PEPE experienced a substantial drop due to suspicious transfers resulting in internal issues and thefts. The popular meme coin’s value plummeted by over 20% within a day and struggled to recover from most of its losses.
Consequently, PEPE now faces a significant 22% weekly decline, compounded by its daily decline of 3%.
Altcoin Performance and Market Cap
Larger-cap altcoins have also faced losses, though comparatively milder. Ethereum (ETH) dipped by 0.5% to $1,640. Similarly, BNB and TRX experienced similar value shedding. Additional losses were observed in Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu.
As a consequence of these price fluctuations, the total cryptocurrency market capitalization witnessed a reduction of approximately $10 billion within a single day.
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