Bitcoin Hangs at $57K With 10% Weekly Drop, As Bears Grip the Crypto Market!

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The cryptocurrency market closed its trade for August on a bearish note, with a fall of 8.74%. The prolonged correction phase had led to the crypto market losing its $2 trillion valuation. Following this, Bitcoin price registered a drop of 10.82%. It is currently trading at a discount of 22.51% from its all-time high of $73,794.

The altcoins have followed suit of the market leader, Bitcoin. As a result, the total market cap of the altcoins is currently down to $835 Billion. Amid the bear market, the AI and meme coins are also on a downhill as the segments drop to $26.25B and $37B market cap, respectively. 

However, following the drop on Tuesday, the market makes a comeback, with Bitcoin rising 0.81% to form a long-tail candle. Currently, BTC price trades are on the verge of $57,000, warning a bullish failure to uphold the recovery. 

Will Altcoins Slip Again?

The bearish sentiments have been dominant, which is evident in the top 10 altcoins, which have dropped 5% to 7% in a week. Ethereum and Solana’s prices hang on the balance of critical support levels of $2400 and $125, while SOL faces the pressure of a potential death cross between the 50-day and 200-day EMA. 

On the other hand, Toncoin has lost the $5 mark and dropped to $4.63, with Binance struggling to hold its $500 mark. The road ahead for altcoins solely depends upon the sentiments of the crypto investors.

Crypto Market Overview

Bitcoin dominance is up slightly by 0.16%. Meanwhile, the crypto and fear greed Index has increased by 7.41% and stands at 29. Despite being under the “Fear” category, the sentiments improve with the jump on Wednesday. 

Further, the open interests shot up by 0.11% to hit $51.98 billion, with 24-hour liquidation dropping by 93% to $92 million.

In conclusion, as Bitcoin continues to struggle, the weakness in altcoins resurfaces. With the current market condition, any hope for recovery lies in the sentiments stabilizing. Until then, crypto investors remain cautious, gearing up for further volatility.

Thinking of buying altcoins during the dip? Discover our latest Ethereum price prediction for potential gains.

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