The Crypto Market Tumbles Under Selling Pressure as Bitcoin and Altcoins Collapse
- DDDOriginal
- 2024-10-01 04:32:10515browse
The volatility of the crypto market has struck once again, dragging Bitcoin and altcoins into a downward spiral. Early in the day, alerts sounded as cryptos fell
Cryptocurrency prices fell sharply on Monday evening, erasing earlier gains as selling pressure mounted in the sector.
Bitcoin and SUI token were among the worst hit tokens.
Bitcoin fell 2.7% to $63,900 at the last count, while the SUI token dropped 7%.
Cryptocurrency prices fell sharply on Monday evening, erasing earlier gains as selling pressure mounted in the sector.
Bitcoin and the SUI token were among the worst hit tokens, while the crypto market cap fell by $10 billion in 24 hours.
Fresh data showed that the crypto market cap stood at $2.19 trillion at the last count, having fallen sharply from over $2.20 trillion earlier in the day.
The broader market also shifted into the negative zone, with the S&P 500 and Nasdaq Composite both down about 0.2%.
Among the crypto tokens, the SUI token led the losses among major altcoins, posting a 7% decline.
Bitcoin, meanwhile, fell to the $63,900 level at the time of writing. The world’s largest cryptocurrency had earlier risen to highs of nearly $65,000.
But the latest price drop comes amid a broader sell-off in the cryptocurrency market, sparked by fears of a Chinese economic slowdown.
If the selling pressure continues, Bitcoin could slip further to hit levels of $60,500 or even $57,000, crypto traders said.
However, some analysts remained optimistic, suggesting that the dips could present buying opportunities ahead of the next all-time high for Bitcoin.
Crypto analyst Michaël van de Poppe highlighted the opportunities in a recent tweet, where he noted: “Dips are buying opportunities before the next all-time high.”
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