Bitcoin Nosedives to a Monthly Low of $52.7K, Altcoins See Red

Bitcoin's nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.

Bitcoin (BTC) and the broader cryptocurrency market took another hit in the past 24 hours, with BTC’s nosedives continuing and the total market cap dropping below $2 trillion for the first time in over a month.

The primary cryptocurrency briefly touched $57,000 during the day but then took a turn and slipped below $53,000 within hours. This came after BTC lost the crucial $60,000 level last week and failed to regain it despite an attempt on September 3.

The bears took over and pushed BTC down to a monthly low of $52,700 on Bitstamp. The asset recovered slightly after that but remained 4% down on the day and over 8% in the past seven days. BTC’s market capitalization now stands at $1.070 trillion.

The altcoins also suffered from the market downturn, with Ethereum (ETH) leading the losses among the large-cap coins. ETH dropped by 4% to trade below $2,250.

BNB, XRP, and SOL followed suit with smaller declines, while DOGE dropped by 5% to trade below $0.1. Among the top 100 coins, TON, BCH, SHIB, LTC, OKB, and XMR also marked substantial losses.

The total cryptocurrency market capitalization, as reported by CoinGecko, dropped by another $50 billion to reach $2 trillion for the first time since August 11.

The above is the detailed content of Bitcoin Nosedives to a Monthly Low of $52.7K, Altcoins See Red. For more information, please follow other related articles on the PHP Chinese website!