It was a tale of two days in the world of Bitcoin, where the digital currency’s ascent to the dizzying heights of $110,000 was as fleeting as a London summer. The asset, much like a debutante at a ball, was pushed south by over two grand from top to bottom, leaving investors to wonder if the party was over before it had truly begun.
Most altcoins, those lesser-known cousins of the crypto world, also found themselves in the red on a daily scale, including some of the more prominent ones, such as HYPE, DOGE, and LINK. It seems the market’s mood swings are as unpredictable as a teenager’s.
BTC Back to $108K
The start of July was rather sluggish, much like a Monday morning in a provincial town, but BTC decided to take a nosedive on the second day of the month, tumbling from $108,000 to $105,000. However, the bulls, ever the optimists, stepped up at this point and didn’t allow another price drop. Instead, the cryptocurrency started to recover and quickly returned to $108,000. Moreover, it kept pumping and tapped a multi-week high at $110,500 on the next day. These fluctuations, though, seem to be doomed from the start during this calm summer consolidation phase, and BTC went back down to $108,000 almost immediately.
It spent the weekend there, like a guest overstaying their welcome, but started to gain traction once again on Monday morning when it jumped past $109,600. The scenario repeated once again, and Bitcoin is now back to $108,000, much to the chagrin of those who had hoped for a more dramatic plot twist.
Its market cap has slipped to $2.150 trillion, while its dominance over the alts is back to 63% on CoinGecko, a figure that would make any monopolist proud.
HYPE Heads South
While yesterday was a good day for major altcoins, the landscape has changed slightly today, and most are in the red. Ethereum, the ever-steady second fiddle, has slipped by around 1% but has remained well above $2,500. Similar minor losses are evident from BNB, SOL, ADA, SUI, and LEO, while DOGE and LINK have dropped slightly more, much to the amusement of those who find joy in the misfortunes of others.
HYPE has declined the most from the larger-cap alts, having lost almost 5% of value on a 24-hour scale. As a result, the popular altcoin is below $38 now, a price that might make one question the wisdom of its name.
The biggest loser from the top 100 alts is FARTCOIN (-8%), followed by SPX (-7.7%) and TIA (-7%). In contrast, TKX has surged by 11% to over $15, a performance that would make a bull market blush.
The total crypto market cap has shed around $20 billion since yesterday and is down to $3.420 trillion, a figure that, while impressive, is a reminder that in the world of crypto, nothing is ever certain.
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2025-07-08 12:35