These Altcoins Extend Losses as BTC Faced Rejection at $100K (Weekend Watch)
2025-02-08
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Bitcoin’s price struggles continue as the asset was violently rejected at $100,000 yesterday and pushed south by over four grand in hours.
Nevertheless, many altcoins are in even worse condition, with massive double-digit losses on a weekly scale.BTC Up and Down
It was a painful week for the primary cryptocurrency, which started during the previous weekend with a price slump from $102,000 to $97,000 on Sunday morning after Trump’s tariffs against China, Mexico, and Canada. The situation worsened on Monday morning withanother nosediveto under $92,000.
However, the cryptocurrency exploded out of the blue at this point and added ten grand within hours to spike above $102,000. That was short-lived, though, as it quickly lost the six-digit price tag and headed toward $97,000.
After a few days of sideways action around that line, BTCjumpedto just over $100,000 on Friday. Yet, the bears were quick to intercept the move and didn’t allow a further increase. Moreover, the rejection was quite brutal as it pushed bitcoin south to under $96,000.
The asset now struggles to reclaim that level, and its market capitalization is close to breaking below $1.9 trillion. Itsdominance over the alts, though, is quite high (close to 59% on CG), as most of them have been hit harder.Alts Back in Red
The alternative coins suffered even more than BTC, and many continue to be well in the red. Ethereum has dumped by 4% over the past day alone and struggles to remain above $2,600. Chainlink, SUI, AVAX, ADA, and XMR are the other substantial price losers from the larger-cap alts, with declines of up to 7%.
DOGE, BNB, SOL, and HBAR are also in the red, albeit in a less painful manner. XRP and TRX are among the few alts with minor gains over the past day.
Nevertheless, the total crypto market cap has shed another $80 billion since yesterday and is down to $3.250 trillion on CG.