Hassan Maishera
TL;DR
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Bitcoin risks dropping below $29k after losing less than 1% of its value in the last 24 hours.
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Altcoins sustained huge losses over the last 24 hours, with the total market cap now around $1.16 trillion.
BTC Risks Dropping Below $29k Soon
Bitcoin has continued its poor performance this week and is currently down by 0.6% in the last 24 hours. At press time, the price of Bitcoin stands at $29,168, down by 2% so far this week.
The world’s leading cryptocurrency has been underperforming in recent weeks as it has failed to move past the $30k psychological level. Market experts believe that Bitcoin’s price will stabilize in the short term before any prior upward movement.
Analysts at Bitfinex wrote that;
“The overall behaviour of institutional investors has been reflective of a cautious investment strategy into crypto assets, and increasing profit-taking in the wake of a languid summer trading season. Bitcoin remains at the epicentre of this shift, recording outflows of $111 million in the first week of August and minuscule inflows in the following week of $27 million— the most pronounced withdrawal since March 2023. Ethereum wasn't spared either, registering outflows of US$6 million.
The prevailing sentiment suggests that premier digital asset funds are recalibrating, potentially pivoting towards alternative assets as they navigate the evolving regulatory landscape and seek more lucrative returns.”
While Bitcoin is struggling to stay above $29k, altcoins recorded massive losses over the past few hours. Dogecoin, Solana, and MATIC have lost more than 5% of their values over the last 24 hours.
HBAR, the native coin of the Hedera ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap, losing more than 14% of its value so far today.
While the broader market is underperforming, SEI has joined the top 100 list after rallying by more than 2656% in the last 24 hours. SEI is the native token of Sei, a sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.
SEI’s rally saw it attain a market cap of nearly $400 million, and currently occupies the 88th spot in the cryptocurrency market.
