Bitcoin Struggles Below $26K but These Alts Have it Worse (Weekend Watch)

Bitcoin’s price performance continues in a sluggish fashion, with the asset failing to produce any significant moves in either direction.

Several alternative coins have dropped hard over the past day, with SOL leading the adverse charts.

BTC Boring Below $26K

September has not been the most exciting month in terms of price performance for BTC, at least for now. The asset started the month with a crash to an 11-week low of $25,350, which followed the surge past $28,000 after the Grayscale win.

Since then, bitcoin has only managed to regain about $500 and remained still for a week up until Thursday. At that point, the bulls took charge and pushed BTC north by several hundred dollars, which culminated in a weekly high of $26,400.

However, as has happened with all other recent price increases, this one was short-lived and the cryptocurrency lost all the momentum almost immediately. It has been stuck below $26,000 ever since, and the past 24 hours haven’t changed that.

Its market capitalization has remained inches above $500 billion, while its dominance over the alts has increased slightly to 48.5%.

BTCUSD. Source: TradingView## SOL Leads the Way South

Ethereum, Binance Coin, Ripple, and Tron are also slightly in the red as well. All of them have retraced by up to 1% and trade at $1,620, $212, $0.5, and under $0.08, respectively.

Dogecoin, Cardano, TONCOIN, Polkadot, Polygon, Litecoin, and Shiba Inu have lost more value in a day, with drops between 2-3%. Solana has declined the most from the larger-cap alts. SOL is down by 5% and has slumped way below $20.

Further losses are evident from the likes of Pepe (-7.5%), Compound (-6%), Gala (-6%), and ApeCoin (-5%).

As a result, the cumulative market capitalization of all crypto assets has seen $10 billion in a day and is down to $1.040 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto