LTC is among the worst daily performers among larger-cap alternatives.
Bitcoin is starting November on the same foot as it ended October, with another price drop taking it to just under $107,000 today.
Altcoins have followed suit, with notable price drops for companies like BNB, SOL, DOGE, LINK, ADA, and many others.
BTC slides to $107,000
The previous week was quite eventful and volatile for the cryptocurrency markets, driven by external events. For example, BTC jumped to $116,000 on a couple of occasions on Monday and Tuesday, only to be stopped and rejected on its second attempt.
The subsequent denial caused an immediate drop to $112,000 when bullish news came from the US Federal Reserve. Despite the 25 basis point rate cut, BTC headed south again, falling below $106,000 on Thursday. The agreement between the United States and China on the trade war front brought another relief rally as bitcoin surpassed $111,000.
However, he was unable to maintain his pace and stopped again over the weekend at that level. Monday started on a negative note as the bears took control of the market and pushed the cryptocurrency down to just under $107,000.
So far, this support has managed to hold BTC, but the asset is still almost 3% down on the day. Its market capitalization has fallen below $2.15 trillion, while its dominance over alts has increased to 58.3% on CG.
Alternative bleeding
Altcoin charts are even worse today. Ethereum is down to $3,700 after a 3.8% drop. XRP has fallen to $2.40 after a 4.5% daily correction. Even more painful declines are evident in BNB, SOL, DOGE, ADA, LINK, SUI, HBAR, AVAX and many others, with losses of up to 7%-8%.
Most mid- and small-cap alternatives are in a similar state, but there are some exceptions. ICP has increased more than 8% daily, followed by WBT and ASTER.
However, overall, the total crypto market capitalization has lost over $120 billion since yesterday, and the metric is down to $3.68 trillion in CG.
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Cryptocurrency charts by TradingView.
