Altcoins Retrace Again as Bitcoin (BTC) Price Loses $105K Level (Market Watch)

Bitcoin’s underwhelming price actions continued in the past 24 hours as the asset has lost some ground compared to yesterday and sits below $105,000.

The altcoins have posted even bigger losses, especially AVAX, UNI, HYPE, XMR, ENA, and a few others.

BTC Falls Beneath $105K

It was just two weeks ago, on Bitcoin Pizza Day, when the primary cryptocurrency skyrocketed to a fresh all-time high of almost $112,000. However, it failed to maintain its run and started to retrace almost immediately.

At first, it remained around $110,000 but was stopped and driven south last week. The most violent rejection arrived at the end of the business week when the bears pushed bitcoin down by several grand. The culmination took place on Saturday when BTC slumped to a 12-day low of $103,100.

The cs-are-overheating-while-bitcoin-remains-bullish-cryptoquant/finally stepped up at this point and didn’t allow a potential breakdown toward five-digit territory. Bitcoin started to recover and aimed at $106,000 on a few occasions since then. However, each attempt was stopped in its tracks, and BTC now sits below $105,000 after the more recent rejection.

Its market capitalization has dropped to $2.080 trillion on CG, while its dominance over the alts has recovered to 61%.

Alts Back in Red

Most altcoins have charted even bigger losses than BTC in the past day, evident from their reduced market share. Avalanche is among the poorest performers, having lost over 5% of value and sitting just inches above $20. UNI has dropped by a similar percentage, while XMR has plunged by over 8%.

HYPE, DOGE, and LINK are also well in the red, while ADA, SUI, and XRP have lost up to 2%.

The cumulative market capitalization of all cryptocurrencies has dropped by more than $30 billion since yesterday and is below $3.410 trillion on CG.