LTC is among the worst performers among the larger alts on a daily basis.
Bitcoin starts November on the same footing it ended October, with another price drop taking it to just under $107,000 earlier today.
The altcoins have followed suit, with notable price drops from the likes of BNB, SOL, DOGE, LINK, ADA and many others.
BTC drops to $107,000
The previous business week was quite eventful and volatile for the cryptocurrency markets, driven by external developments. For example, BTC jumped to $116,000 a few times on Monday and Tuesday, only to be stopped and rejected on the second attempt.
The subsequent denial led to an immediate drop to $112,000 as further bullish news emerged from the US Federal Reserve. Despite the 25 basis point rate cut, BTC headed south again, falling below $106,000 on Thursday. The US-China trade war deal provided fresh relief as Bitcoin surged past $111,000.
However, it couldn’t sustain its run and was stopped at that level again this weekend. Monday started on a negative note as the bears took control of the market and pushed the cryptocurrency south to just under $107,000.
So far, this support has managed to hold BTC, but the value is still almost 3% lower on the day. The market cap has fallen below $2.150 trillion, while alt dominance has actually increased to 58.3% on CG.
Alts are bleeding out
The altcoin charts are even worse today. Ethereum has fallen to $3,700 after a 3.8% decline. XRP has fallen to $2.40 after a daily correction of 4.5%. Even more painful declines are visible at BNB, SOL, DOGE, ADA, LINK, SUI, HBAR, AVAX and many others, with losses of up to 7%-8%.
Most mid- and lower-cap alts are in similar condition, but there are some exceptions. ICP is up more than 8% daily, followed by WBT and ASTER.
Overall, however, the total cryptocurrency market cap is down over $120 billion since yesterday, with the statistic down to $3.680 trillion on CG.
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Cryptocurrency charts by TradingView.
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