Altcoins Crash as Bitcoin (BTC) Dumps to 2-Week Low: Weekend Watch

Bitcoin’s impressive but brief price pump on Thursday evening came to a screeching halt as the asset has dumped by over $4,000 since then to a multi-week low of under $78,000.

Essentially all larger-cap alts are in the red today, with HYPE, ZEC, SOL, SUI, LINK, and CC posting the biggest losses.

BTC Dips Below $78K

The primary cryptocurrency rocketed to almost $83,000 on May 7, but it was stopped and driven south to $79,000 two days later. The bulls stepped up in the following days, once again, and drove the asset to $82,000 on a couple of occasions on Monday and Tuesday. However, it couldn’t keep climbing, and the worrying inflation numbers in the US poured more oil on the fire.

Bitcoin dipped to $78,800 on Wednesday after another rejection at $81,200. It sat there for a bit before it rocketed by several grand to $82,000 on Thursday. This impressive price rally was driven by the positive developments on the CLARITY Act in the US, as it finally passed the Senate Banking Committee.

This run was short-lived as the bears resumed control of the market. The past 12 hours or so have been particularly painful as they managed to drive the cryptocurrency south to its lowest position since the start of the month at under $78,000.

Its market capitalization has dipped to $1.560 trillion, while its dominance over the alts is up to 58.4% on CG.

BTCUSD May 16. Source: TradingView

Alts Bleed Out

Most altcoins have followed BTC on the way south today. Ethereum is down by over 3.5% to a multi-week low of its own at $2,170. BNB is down by 4.5% to $650, while XRP struggles at around $1.40. Solana has plummeted by 5.5% to $6.

HYPE has dumped the most from the larger-cap alts. After yesterday’s surge, the token has lost 10% of its value now and is fighting to stay above $40. ZEC, LINK, CC, SUI, and AVAX are also deep in the red.