Bitcoins inability to conquer the $70,000 line has resulted in immediate selling pressure as the asset has dumped below $67,000 in the past few hours.

The altcoins are also in the red, and the total crypto market cap has declined to just over $2.4 trillion from the local peak of $2.5 trillion registered on Monday morning.

BTC Slips Beneath $67K

After ending a highly positive trading week last Friday, the primary cryptocurrency calmed over the weekend. It had soared from $62,500 last Monday to $69,000 on Friday before it retraced slightly to $68,000 on Saturday and Sunday.

Monday began on an even more favorable note, as the asset jumped to $69,500 for the first time since late July. However, it failed to continue its ascent and was quickly rejected before ever having the chance to challenge $70,000.

This resulted in immediate price drops that brought it south to $66,600 yesterday. It tried to bounce off since then, but the bears kept pushing it down and the cryptocurrency now trades way below $67,000 again.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! Its market capitalization has slumped to $1.320 trillion on CoinGecko, but its dominance over the alts has risen to 54.8% from 54.5% yesterday.

Bitcoin/Price/Chart 23.10.2024. Source: TradingView

Alts See Red

The rising BTC dominance during times of bitcoin corrections means only one thing the altcoins have it worse. Some of the poorest performers from the larger caps include SUI, APT, UNI, and WIF. All of those have dumped by more than 5% in the past 24 hours.

Most of the remaining alts in the top 36 bracket are in a similar state but with slightly less painful drops. XRP, DOGE, LINK, and AVAX have slipped by around 3-4% each. ETH and BNB are down by 1.5% to under $2,600 and $580, respectively.

The cumulative market capitalization of all crypto assets has dumped to $2.41 trillion on CG. This means that the metric is down by about $90 billion since Mondays peak.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

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Cryptocurrency charts by TradingView.