XRP is today's most substantial loser from the largest 100 alts, dumping below $1.40. ZEC and MORPHO follow suit.
Bitcoin’s poor price performance continues in full force as the asset erased all gains seen after Trump’s reelection by slipping below $70,000 earlier today.
Most altcoins have bled out heavily as well, and it’s not just XRP. ETH, BNB, SOL, DOGE, ADA, and many more have posted massive declines.
BTC Dipped Beneath $70K
It’s almost hard to believe that just over a week ago, last Wednesday, bitcoin traded at $90,000. The developments since then have been nothing short of pure bear domination. While the reasons are still debated, the fact is that BTC was violently rejected at that point and driven south hard.
At first, it fell to $81,000 last Thursday, rebounded to $84,000 on Friday, and plummeted again to under $75,000 on Saturday. After an unsuccessful relief rally to $79,000, the bears were back in control and drove it to $73,000 on Tuesday.
The dead-cat bounce pattern repeated and bitcoin continued to lose value in the past 12 hours or so. Moreover, it dumped below $70,000 earlier today for the first time since just after the US elections in 2024.
It has now bounced to slightly above $70,000, but it’s still 7% down daily and 20% in the red weekly. Its market cap has plummeted to $1.410 trillion on CG, while its dominance over the alts struggles at 57%.
BTCUSD Feb 5. Source TradingViewAlts Keep Bleeding
The altcoins’ charts are just as painful, even more on some occasions. ETH is down by 6% as well as even Vitalik Buterin has started to dispose of his tokens. BNB has dumped below $700, while XRP has become today’s poorest performers with a double-digit drop to under $1.38. This is its lowest price tag in well over a year.
SOL, ADA< DOGE, XMR, LINK, and many others are deep in the red. HYPE continues to be among the few exceptions, gaining almost 5% to $34.
The total crypto market cap has erased another $170 billion and is below $2.5 trillion on CG now.
Cryptocurrency Market Overview Feb 5. Source: QuantifyCryptoSECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).
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