HYPE Plunges by 5% as BTC Price Slips Back to $108K: Market Watch

Bitcoin’s price ascent to almost $110,000 was short-lived, as most previous attempts, and the asset was pushed south by over two grand from top to bottom.

Most altcoins are also in the red on a daily scale, including some larger-cap ones, such as HYPE, DOGE, and LINK.

BTC Back to $108K

The start of July was rather sluggish, but BTC went downhill on the second day of the month, tumbling from $108,000 to $105,000. However, the bulls stepped up at this point and didn’t allow another price drop.

Instead, the cryptocurrency started to recover and quickly returned to $108,000. Moreover, it kept pumping and tapped a multi-week at $110,500 on the next day. These fluctuations, though, seem to be doomed from the start during this calm summer consolidation phase, and BTC went back down to $108,000 almost immediately.

It spent the weekend there but started to gain traction once again on Monday morning when it jumped past $109,600. The scenario repeated once again, and bitcoin is now back to $108,000.

Its market cap has slipped to $2.150 trillion, while its dominance over the alts is back to 63% on CoinGecko.

HYPE Heads South

While yesterday was a good day for major altcoins, the landscape has changed slightly today, and most are in the red. Ethereum has slipped by around 1% but has remained well above $2,500. Similar minor losses are evident from BNB, SOL, ADA, SUI, and LEO, while DOGE and LINK have dropped slightly more.

HYPE has declined the most from the larger-cap alts, having lost almost 5% of value on a 24-hour scale. As a result, the popular altcoin is below $38 now.

The biggest loser from the top 100 alts is FARTCOIN (-8%), followed by SPX (-7.7%) and TIA (-7%). In contrast, TKX has surged by 11% to over $15.

The total crypto market cap has shed around $20 billion since yesterday and is down to $3.420 trillion.