During the past week, bitcoin tumbled from over $65,000 to close just above $63,200, an approximately 3.2% weekly loss and briefly hit a low below $62,500 on Aug. 14.
Key Takeaways
Strategy offloaded 1,690 bitcoins causing BTC to slide below $63,000.Altcoins extended losses as ADA plunged 10.6% and XRP dipped below $1, risking a drop toward $0.95.LINK surged 13% after Standard Chartered forecasted the token would reach $200 by late 2030.After finishing the first week of August with modest gains, the cryptocurrency market ended the second week in the red. Bitcoin, which had posted gains exceeding 3%, led the market lower after it tumbled from over $65,000, closing just above $63,200. It could have been worse after the cryptocurrency fell below $62,500 on Aug. 14, but a quick rebound kept bitcoin’s weekly losses capped below 3.2%.
The top cryptocurrency’s decline alone wiped out more than $30 billion in market capitalisation and left the market with minimal gains midway through August.
XRP’s downward spiral comes even as Ripple continues to secure new partnerships while the digital asset sees increased usage. Still, some observers project XRP will drop further, pointing to $0.95 as the next target.
Meanwhile, XRP’s losses were not the steepest, according to market data. ADA, which had risen since late July, fell 10.6%, marking the largest decline among top-tier digital assets. Bitcoin cash and Zcash also saw notable drops of 6% and 5.6%, respectively. XLM fell 3.2%, WBT dropped 3%, and Ethereum closed 2.1% lower.
Meanwhile, mid-cap and utility tokens notched double-digit expansions of their own, headed by World Liberty Financial (WLFI) with a 15% rally, alongside Worldcoin (WLD) and OKB, which posted gains of 11.4% and 10.9%, respectively.
Because declining tokens outpaced gainers, the crypto market’s aggregate capitalization dropped from nearly $3 trillion on Aug. 10 to $2.22 trillion at the time of writing (Aug. 16, 1:45 p.m. EST).
