Bitcoin’s week-long correction drove the asset to a new local low of $62,500, where it finally found some support and now sits at around $63,000. Most larger-cap alts have experienced little
Bitcoin’s week-long correction drove the asset to a new local low of $62,500, where it finally found some support and now sits at around $63,000.
Most larger-cap alts have experienced little to no volatility on a 24-hour scale, aside from LINK and WLFI, both of which are up by over 5%.
After a very stagnant previous weekend, bitcoin tried to break out on Monday morning, but it was immediately halted at $65,400. This was the second rejection at that level in the past three days. However, this one was more violent as BTC dipped to $62,800 within hours.
It tried to bounce off twice, but it was stopped at $64,400. Each subsequent leg down was more painful than the previous. The bears took complete control of the market by mid-week, and the selling pressure intensified in the following days. The culmination took place on Friday when BTC slumped to $62,500 for the first time in 10-11 days.
It finally bounced off in the following hour, but it was stopped at $63,200 and now struggles at $63,000. Its market capitalization has stalled at $1.260 trillion on CG, while its dominance over the alts, which peaked at 57.3% earlier this week, is now down to under 57%.
BTCUSD August 15. Source: TradingView Analysts have been quite optimistic about LINK’s future lately, often predicting massive rallies. The first breakout attempt has taken place as the asset is up by over 5% daily and has reclaimed the $9 support. WLFI is the only other notable gainer from the larger caps, while UNI has dumped by 5%.
In contrast, XRP, SOL, TRX, HYPE, and RAIN are slightly in the red, while ETH, BNB, and DOGE have marked insignificant gains.
VELVET has entered the top 100 alts. It has soared by 25% daily and by roughly 150% in the past week. ETHFI follows suit, surging by 12% daily. OKB completes the top 3 price gainer club with a 6.5% jump.
The total crypto market cap is down to under $2.230 trillion on CG.
Cryptocurrency Market Overview August 15. Source: QuantifyCrypto
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