Bitcoin's dominance over altcoins has risen to 60% on CoinMarketCap, driven by weakness across most alternative tokens. Bitcoin itself has remained relatively range-bound on a 24-hour basis, while the broader cryptocurrency market cap declined 0.5% to $2.790 trillion.
Bitcoin Price Action
Bitcoin faced rejection at $87,000 early in the previous business week, triggering a decline to $80,400 by Thursday evening—a multi-week low representing a loss of nearly $7,000 over approximately 72 hours. The asset subsequently rebounded to above $83,000 over the weekend, though it encountered another rejection on Monday morning near $84,400.
After dipping below $81,000 on Tuesday morning, bitcoin quickly recovered above $83,000, marking a higher low—a pattern typically viewed as a bullish signal by technical analysts. The asset has since traded sideways between $83,000 and $84,000. Bitcoin's market cap stands at $1.670 trillion.
Altcoins Under Pressure
Most larger-cap altcoins declined today. Ethereum slipped to $2,500, XRP moved further from the $1.40 level, and Solana dropped to $107. Among significant movers, RAIN fell nearly 10%, while Quant declined 7.5%. Additional losses were recorded in ADA, LINK, XLM, NEAR, Polkadot, and other tokens.
Notable decliners included TIA, M, CRV, and RENDER, each down between 8% and 10% daily. A select few tokens gained, including ZEC, XMR, TRX, and BCH in the green, while BTW surged 47% to over $2.60.
Market Outlook
Additional volatility is expected as September Consumer Price Index data is set to be announced later in the day.
