These Altcoins Suffer the Most as Bitcoin (BTC) Slides to $83K (Market Watch)

Bitcoin’s price movements continue in an underwhelming manner as the asset was stopped ahead of $85,000 yesterday and pushed south by about two grand.

Several altcoins have produced notable losses over the past 24 hours, led by PI’s price plunge.

BTC Stopped at $85K

The primary cryptocurrency went through a highly volatile start of the previous trading week, which is in contrast of the most recent movements. Back then, the asset plunged hard on Monday and Tuesday, dropping by $9,000 within 48 hours to a four-month low of under $77,000.

However, the bulls finally stepped up at this point and didn’t allow another breakdown. BTC started to recover some ground and almost immediately reclaimed the $80,000 target. It jumped to $85,000 on Wednesday following favorable US CPI numbers but lost the momentum in the following days and spent the weekend trading sideways around $84,000.

After another failed attempt at $85,000, bitcoin slipped to $82,000 but managed to defend that level. This resulted in another surge toward $85,000, but to no avail. As of now, the cryptocurrency struggles below $83,000 after losing about two grand since yesterday’s peak. At the same time, CryptoQuant’s CEO warned that the bull run may have come to an abrupt end.

For now, BTC’s market cap has declined below $1.650 trillion, while its dominance over the alts on CG is at 58.6%.

BTCUSD. Source: TradingView

PI Keeps Dumping

Most altcoins are in the red on a daily scale. The negative trend has a leader named PI. Pi Network’s native token has plunged by another 16% in the past 24 hours and now struggles to remain above $1.1.

Solana, Cardano, Dogecoin, Ripple, Shiba Inu, and Litecoin follow suit from the larger-cap alts, with losses of up to 4% in the case of SHIB and LTC.

In contrast, OKB has gained over 5% and sits well above $50. AVAX, TRX, and TON are the other larger-cap alts with notable gains.

The cumulative market cap of all crypto assets has dropped by about $20 billion since yesterday to $2.8 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto