The total cryptocurrency market capitalization has declined by more than $110 billion during the last seven days. This continues the broader negative trend that’s engulfed the industry in the past few months, pushing its capitalization closer to $2 trillion.
Naturally, the decline comes on the back of disappointing performance on behalf of Bitcoin and most altcoins. Starting with BTC, its price crashed by a considerable 8% in the past week and is currently battling to maintain the important level of $55K.
It’s safe to say that BTC’s price action was nothing short of tumultuous throughout the past seven days, and the bulls failed to gain the upper hand. It wasn’t for the lack of trying, though. They attempted to break above $60K on September 3rd but the sellers were very quick to reappear and brought Bitcoin all the way down to $56K.
Buyers attempted a recovery above $58,000, but it was for naught. Today, the sellers took complete control and are currently attempting to break below $55K.
But that’s not even the most interesting bit.
Ethereum is also down by 8%, like BNB, Solana, and many other large-cap cryptocurrencies. Others, such as TON, Cardano, Chainlink, and Aptos, have it even worse, charting declines upwards of 12%.
Oddly enough, Bitcoin’s dominance – the metric that tracks its share relative to that of the entire market, remained more or less the same. This means that both Bitcoin and altcoins have declined similarly.
Elsewhere, the political scene in the United States is heating up. Donald Trump recently declared that he intends to reduce the corporate tax to 15% (from the current 21%) while also creating a ‘government efficiency commission’ that would be headed by Tesla’s boss, Elon Musk.
Kamala Harris, on the other hand, received strong support from multiple corporate leaders. One of the names in there raised a few eyebrows—Chris Larsen, the co-founder of Ripple. Others who signed the endorsement letter included the CEOs of Yelp, Box, Snap, and more.
In any case, the cryptocurrency market is heating up, albeit to the downside, and if one thing is certain, it’s that exciting times are ahead!
Market Data
Market Cap: $2.024T | 24H Vol: $91B | BTC Dominance: 53.4%
BTC: $54,723 (-8%) | ETH: $2,317 (-8.4%) | BNB: $496 (-8.7%)
This Week’s Crypto News You Can’t Miss
Donald Trump Wants to Make Elon Musk Head of ‘Government Efficiency Commission.’ Donald Trump, the Republican Party’s frontrunner for the next US President, recently said he intends to reduce the corporate tax in the country to 15% (from the current 21%). He also promised to create of a ‘government efficiency commission,’ headed by Elon Musk.
Ripple Co-Founder Endorses Kamala Harris for US President. Vice President Kamala Harris received strong support from 88 corporate leaders in an endorsement letter this week. One of the signees was Chris Larsen, the co-founder of Ripple.
Polygon Begins Transition from MATIC to POL: Here’s What You Need to Know. Polygon went through a massive update this week, marking the transition from the MATIC token to POL. The new ‘hyperproductive’ token is already live on the mainnet, and users might need to transition, although there’s no set deadline.
These Social Narratives Have Been Driving Crypto Markets Recently. Check out some of the more interesting social media narratives that have been causing waves in the cryptocurrency industry throughout the past few weeks.
Bitcoin L2 Core Launches Liquid Staking For BTC. The Core Foundation recently announced that it is launching a liquid staking token that’s backed by BTC. The move will take place on the Core network, which is also a BTC layer-two.
Bitcoin Runes Surpasses 50M Inscriptions in Under Five Months: ITB. Data from a popular analytics firm reveals that Bitcoin Runes have managed to surpass more than 50 million inscriptions in less than just five months after they launched.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
