Thursday, August 18

Bitcoin Retests $60K Ahead of Monthly Close: Shiba Inu (SHIB) Dumps 25% Below ATH

After another failure at $63,000, bitcoin has headed south and is close to testing $60,000 once more. Most alternative coins have also bled out in the past 24 hours, including a substantial drop for Dogecoin and Shiba Inu.

Will BTC Retest $60K?

The primary cryptocurrency went through a roller-coaster on Thursday when it plummeted from $61,500 to $56,500 in minutes. This came after recovering from the latest sub-$60,000 price slump.

However, the asset bounced off just as rapidly and went above $62,000 minutes after. Moreover, it kept climbing on Friday and Saturday morning to a high of $63,000.

However, the bears stepped up at this moment and started to push the cryptocurrency south. In the following hours, BTC dropped to $61,000 before it initiated another leg up that was halted at $62,500.

The subsequent rejection brought more pain for its price as BTC lost roughly $2,000 since then. Bitcoin currently stands at just over $60,500 and could dip to $60,000 for another retest.

Its market capitalization has dropped to just under $1.150 trillion, while the dominance over the altcoins is at 44%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: More Losses for Meme Coins

Ethereum marked two consecutive all-time high records in the past few days, with the latest coming at $4,460 (on Bitstamp). However, the second-largest crypto also began its gradual retracement and is down by $200 since then.

Binance Coin tapped a multi-month high above $530, but a minor decrease has driven BNB to $520.

More losses are evident from Cardano (-2%), Solana (-4%), Polkadot (-3%), Terra (-4.5%), Avalanche (-1.5%), and Chainlink (-2.5%), while Ripple is slightly in the green.

The two largest meme coins – Dogecoin and Shiba Inu – have registered the most significant price losses in a day. DOGE is down by 7%, while SHIB has slumped by 11%. However, CoinMarketCap still shows that SHIB is ahead of DOGE in terms of total market cap.

The metaverse mania accelerated by Mark Zuckerburg earlier this week continues to bring massive price gains for some representatives. Decentraland has skyrocketed by 140% to $3.40, while The SandBox is up by 70% to nearly $2.

Even more impressive surges come from Ankr, Horizen, Chiliz, Basic Attention Token, Audius, Enjin Coin, Zilliqa, and Zcash.

As such, the cryptocurrency market capitalization has remained at around $2.6 trillion, despite the retracements from the larger-cap alts.

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

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Cryptocurrency charts by TradingView.