After a calm weekend in which BTC traded mostly sideways around $117,500, the asset dipped hard on Monday morning to an 11-day low of $115,000.
The altcoins have followed suit as the market braces for more volatility, as there will be another meeting regarding a potential peace deal between Ukraine and Russia.
BTC Slips to $115K
Last week began a lot better than the current one as the bulls pushed bitcoin from $118,000 to over $122,000 on Monday. Although the asset retraced on Tuesday, it picked up the pace once again on Wednesday and especially Thursday morning when it shot up to a new all-time high of over $124,500.
That price pump, albeit impressive on its own, was short-lived as BTC quickly dumped to $121,000 and then $118,000 as the US PPI data for July came hotter than expected. The next few days were somewhat sluggish for bitcoin’s price actions, even though Trump met with Putin to discuss a potential peace deal between Russia and Ukraine.
Even the failure to strike a deal couldn’t shake BTC as the asset spent the weekend trading sideways in a tight range between $117,000 and $118,000. On Monday morning, though, the cryptocurrency headed straight south ahead of today’s meeting between Trump and Zelenskyy and dumped to an 11-day low of $115,000.
It has defended that level, but it’s still over 2% down on the day. Its market cap has slipped to $2.3 trillion, while its dominance over the alts is close to 58% on CG.
Alts in Retreat
Most altcoins have followed BTC on the way south with notable price declines. ETH has slipped below $4,300 after a 4.5% daily drop. XRP has dropped below the crucial $3.00 support level after a similar decrease. SOL, HYPE, XLM, SUI, ENA, PEPE, AAVE, MNT, NEAR, and ONDO have marked even more substantial declines.
LINK and XMR are among the few exceptions with minor gains over the past 24 hours.
However, the total crypto market cap has seen more than $100 billion leave over the past day, and the metric is down to $3.960 trillion on CG.
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