The dismal price performance of Bitcoin has continued, but this time, the commodity has declined in value by a few hundred dollars, and it is presently trading at a price that is little above $26,000.
The vast majority of alternative cryptocurrencies are also experiencing moderate daily losses. XRP, ADA, DOGE, and DOT have lost around 2% of their value in the last day alone.
Bitcoin's Lack of Initiative
During the most recent month and a half, the price swings of the cryptocurrency the largest number of people used have been highly out of the ordinary. The one and only notable exception from this trend came on August 17, when the asset sank to a level of $25,300, which was its lowest level in the previous two months. This was the first time that it had dropped to this level.
In the following days, it made up some of the lost territory, went back above $26,000, and then refused to move in any direction for almost one week. This continued until the price finally broke above $26,000 again. The price of one bitcoin (BTC) rose to a new all-time high of $26,800 on Thursday of this week after a price increase.
However, the bears were prepared for it and rapidly retook control, which caused the Bitcoin price to go in the opposite direction. Within a few hours, bitcoin's price was plummeting to the range it had been trading earlier, around $26,000. There was no activity during the weekend, as was to be anticipated given the circumstances.
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The bitcoin price has dropped below $26,000, marking the beginning of the week on a negative note. The total value of its market cap has decreased to $505 billion, but the percentage of market share it holds relative to other cryptocurrencies has remained the same at 48.3%.
Weekly Drop-in PEPE of 22%
PEPE's price greatly decreased after suspicious transfers due to internal issues and thefts. This occurred during the same week that most other alternative cryptocurrencies traded sideways. The value of the well-known meme currency dropped by more than twenty percent in just one day, and it could not make up the majority of the losses it sustained.
Because of this, tEPE is currently trading at a loss of 22% for the week, which should not be as surprising, especially considering that its daily loss is 3%.
The alternative cryptocurrencies with greater market caps are also in the red, albeit to a far smaller amount than Bitcoin. At the current market price of $1,640, ETH has experienced a decrease of 0.5%. The value of BNB and TRX has decreased in a manner equivalent to one another.
Cryptocurrencies such as Ripple, Cardano, Dogecoin, Solana, Polkadot, and Litecoin, amongst others, have increased the number of losses incurred.
Within just one day, the whole value of the market cap for cryptocurrencies experienced a loss of around $10 billion.
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