Bitcoin’s ongoing correction took another turn for the worse hours ago when the asset slumped to a new multi-week low of under $112,000 before it recovered some ground.
Many altcoins continue to trade indecisively, with ETH dropping further away from $3,500 and SOL close to breaking below $160.
BTC Bounces Off $112K
Bitcoin’s business week began on a relatively familiar note as it jumped toward $120,000 after it erased the losses charted at the end of the previous one. However, as it happened during the last few attempts to take down that resistance, the bears quickly reemerged and didn’t allow BTC to challenge its all-time high, set in mid-July.
Within the next few days, the cryptocurrency traded sideways between $117,000 and $119,000 before it dipped slightly on Wednesday evening to $116,000 after the US Fed refused to lower the key interest rates.
Although it bounced back to its upper boundary on Thursday morning, the worst was yet to come. Amid political turmoil and global economic uncertainty, BTC’s price went into a correction mode and dropped to $115,000 on Thursday and Friday and below $112,000 on Saturday evening, which became a three-week low.
It reacted well to the last price dump and has added over $1,500 since then. Its market cap remains stable on a daily scale at $2.260 trillion, while its dominance over the altcoins is above 60%.
XRP Joins the Pack
Ripple’s native token took yesterday’s correction relatively well, as it remained sideways around the crucial $3 support, while most other alts were deep in the red. However, XRP has joined the adverse party, by losing that coveted support level and dumping roughly 4% to under $2.9 as of press time.
Ethereum has extended its gap to $3,500 after another minor daily decline, while SOL and DOGE have dropped by around 1%. The rest of the larger-cap alts are with insignificant losses and gains.
Pi Network’s token has bounced off its latest ATL registered yesterday and now sits around 4-5% above it at $0.36.
The total crypto market cap stands at essentially the same spot as yesterday at $3.750 trillion, having dropped by almost $250 billion since Thursday morning.
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Cryptocurrency charts by TradingView.
