Bitcoin Slides Toward $60K as Altcoins Bleed Out (Weekend Watch)

The cryptocurrency markets are declining today on relatively low trading volumes. Bitcoin is sliding toward $60K, and the majority of altcoins are slowly bleeding out.

The total capitalization is down to $2.37 trillion.

Bitcoin Price Slides Toward $60K

Bitcoin’s price is trading at a 1.3% decrease over the past 24 hours, bringing up its total losses to about 6% for the week.

At the time of this writing, the leading cryptocurrency is sliding toward $60K as the trading volume across the board is relatively low.

The last 24 hours saw a total of $100 million worth of liquidations with BTC leading (as almost always) with $37M.

Altcoins Are Bleeding Out

Many of the large-cap altcoins are also charting small declines. For example, ETH is down 1.8% on the day, BNB – 1.6%, SOL – 2.5%, TON – 1.7%, and so forth.

Others are down more considerably, like UNI, which declined by 6%.

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Meme coins – an interesting category in the cryptocurrency market – have also charted similar losses. The cohort, as a whole, is down over 3% in the past 24 hours, with DOGE and SHIB declining by 1.3%.

PEPE dropped by 5.2%, while BON dropped by 3%.

In general, the worst performer of today is Lido’s LDO governance token, which lost 15%. Ethena’s ENA is down 9.2%, trailed by Starknet’s STRK, which is down 6.4%.

On the other end of the spectrum, the best performer is Quant’s QNT token, which soared by 10% on the day. Arweave’s AR is the second best, with a 4% increase.

That said, the trading volumes across the board are down to about $67 billion during the past day, which is to be expected, given it’s the weekend. However, it’s interesting to see how this relatively tight range will resolve and whether or not the bulls will take a stand or if the correction will deepen.