Ah, dear reader, gather ’round as we delve into the latest escapade of our beloved Bitcoin, which has taken a nosedive into the abyss of despair, plummeting to a new multi-week low of under $109,000! One might say it has taken a leisurely stroll through the valley of losses, only to recover a mere smidgen of its dignity.
And what of the altcoins, you ask? They are in a state of utter disarray, akin to a flock of chickens caught in a rainstorm! Ethereum, that once-mighty titan, has shed over $550 since its latest all-time high, while others are dropping like flies, with daily declines of 5-6%. Truly, a spectacle worthy of a tragicomedy!
BTC’s New Local Low: A Tale of Woe
In the past several days, our dear Bitcoin has danced a wild jig of volatility. It began its descent, gradually sliding down the slippery slope of despair, reaching a lowly $112,000 on Friday, just before the grand performance of Jerome Powell, the Fed Chair, who took the stage like a magician pulling rabbits from hats.
With a flourish of his words, Bitcoin soared to over $117,000, as if it had sprouted wings! But alas, this jubilant flight was short-lived, and it soon found itself back at $115,000, sulking through the weekend.
Then came Sunday evening, a dark hour indeed, as Bitcoin plummeted several grand to under $111,000, leaving a trail of liquidations worth over $300 million in its wake. After a feeble attempt at recovery on Monday, the bears, those relentless creatures, seized control once more, dragging BTC down to its lowest point in nearly seven weeks, just shy of $109,000.
Despite a slight bounce back to just over $110,000 as I pen this tale, Bitcoin remains over 1% down daily, its market cap now a mere shadow of its former self, below $2.2 trillion. Yet, in a twist of fate, its dominance over the altcoins has rebounded slightly to 56.6% on CG, as if to say, “I may be down, but I am not out!”
Alts in Freefall State: A Comedy of Errors
As for the altcoins, they have marked even more substantial losses, akin to a troupe of clowns slipping on banana peels! Ethereum, having taken yesterday’s correction with a stiff upper lip, has now tumbled by roughly $600 since its latest ATH, trading just above $4,400, but still over 4% down on the day.
And the pain does not end there! SOL, DOGE, and LINK are all in a state of freefall, with Chainlink’s token plunging over 8% daily to a pitiful $23. XRP, TRX, BNB, XLM, BCH, AVAX, and TON are also wallowing in the red, as if they were caught in a never-ending farce.
The mid-cap alts are no better off, and thus, the overall crypto market cap has seen another $60 billion vanish overnight, leaving us with a mere $3.870 trillion on CG. A tragedy, indeed, but one that we can only laugh at as we watch this grand performance unfold!
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2025-08-26 12:08