Crypto Markets Shed $100 Billion as Bitcoin Was Rejected at $120K: Weekend Watch

Bitcoin’s price ascent to $120,000 came to a halt yesterday as the asset was rejected once again at that resistance and pushed south by a couple of grand.

The altcoins, which were flying high yesterday, have seen even bigger price declines over the past 24 hours, with SUI leading the adverse trend.

BTC Stopped at $120K

Bitcoin had a spectacular start to the business week as its ascent that began last week culminated on Monday with a price surge to just over $123,000. Thus, the cryptocurrency set a new all-time high after adding over $15,000 in the span of about five days.

This ‘up only’ mode finally came to an end, and the asset went on an expected correction. It lost over seven grand in the following day or so, driven mainly by profit-taking and some uncertainty in the US after the worrying CPI data for June.

Nevertheless, the bulls didn’t allow a further breakdown, and BTC started to recover the lost ground. By the end of the week, it challenged $120,000 and even went for $121,000 on a few occasions, but to no avail. The subsequent rejections pushed it south hard, and BTC slipped to $117,000 yesterday.

It has recovered some ground and now trades around $118,000, but it’s still in the red on a daily scale. Its market cap has declined to $2.350 trillion, while its dominance over the alts is below 60%.

Alts Retrace

Many altcoins posted impressive gains on Friday, but the situation has flipped since then. XRP, which skyrocketed to a new all-time high of over $3.6, has lost almost all gains and is down to just over the previous peak of $3.4. Ethereum was stopped at $3,700 and is now below $3,600.

SUI has dumped the most from the larger-cap alts, followed by HYPE, XLM, ADA, SOL, and LINK. Dogecoin and ETC are the two exceptions from this cohort of altcoins.

The total crypto market cap, which soared past $4 trillion yesterday, is down by $100 billion since the peak to $3.940 trillion now.