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Bitcoin‘s sluggish price performance continues, with the asset losing several hundred dollars to trade just below the $26,000 mark.
Most altcoins are also experiencing minor daily losses, with XRP, ADA, DOGE, and DOT each losing around 2% of their value.
BTC’s Inability to Move Decisively
The primary cryptocurrency’s price movements have been atypical for the past month. The only notable exception was August 17, when the asset plummeted by approximately 10% in a single day to a two-month low of $25,300.
It recovered some ground in the following days, rising back to $26,000, and then refused to move in either direction for about a week. Last Thursday saw a price increase that drove BTC up to $26,800.
However, bears intercepted the move and pushed the cryptocurrency south once again. Within hours, Bitcoin slipped back to its familiar price level of $26,000. The weekend was expectedly quiet, with no significant movements.
Monday started on a slightly negative note as BTC dipped below $26,000. Its market cap has fallen to $505 billion, while its dominance over altcoins has stalled at 48.3%.
BTCUSD. Source: TradingView
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PEPE Down 22% Weekly
While most other altcoins traded sideways last week, PEPE dumped hard following suspicious transfers that turned out to be internal issues and thefts. The popular meme coin slumped by over 20% in a day and failed to recover most of its losses.
Consequently, it is no surprise that PEPE now stands with a 22% weekly drop, especially given its 3% daily decline.
Larger-cap altcoins are also in the red, albeit in a more modest fashion. ETH is down by 0.5% to $1,640, while BNB and TRX have shed similar value.
Further losses are seen in Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu.
The total crypto market cap has erased about $10 billion in a single day.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is that of the quoted writers. It does not represent the opinions of CryptoPotato regarding whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
