PEPE’s Weekly Losses Exceed 20%, BTC Slips Below $26K (Market Watch)

Bitcoin’s sluggish price performance continues, but this time, the asset has lost a few hundred dollars and trades just below $26,000.

Most altcoins are with minor daily losses as well, with XRP, ADA, DOGE, and DOT losing around 2% of value.

BTC’s Inability to Move Decisively

The primary cryptocurrency’s price movements have been quite untypical for the past month or so. The only notable exception was August 17, when the asset plummeted by about 10% in a day to a two-month low of $25,300.

It recovered some ground in the following days, went back up to $26,000, and refused to move in either direction for about a week. This past Thursday saw a price increase that drove BTC up to $26,800.

However, the bears intercepted the move and pushed the cryptocurrency south once again. In a matter of hours, bitcoin found itself slipping back to its familiar price level of $26,000. The weekend was expectedly boring with no movements whatsoever.

Monday has started on a slightly negative note as BTC has dipped below $26,000 as of now. Its market cap is down to $505 billion, but its dominance over the alts has stalled at 48.3%.

BTCUSD. Source: TradingView

PEPE Down 22% Weekly

While most other altcoins traded sideways as well last week, PEPE dumped hard following suspicious transfers that turned out to be internal problems and thefts. The popular meme coin slumped by over 20% in a day and failed to recover most of its losses.

As such, it’s no surprise that PEPE now stands with a 22% weekly drop, especially given its 3% daily decline.

The larger-cap alts are also in the red, albeit in a more modest fashion. ETH is down by 0.5% to $1,640. BNB and TRX have shed similar value.

More losses come from the likes of Ripple, Cardano, Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu.

The total crypto market cap has erased about $10 billion in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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