Bitcoin (BTC) price hits $ 60,000 as altcoins turn red

Bitcoin and altcoins prices fall

Will the Bitcoin price manage to stay above $ 60,000? This is the question that arises this morning as the largest cryptocurrency has started a dive since yesterday. In a little less than 24 hours, the price of BTC has lost almost -10%:

Bitcoin BTC price

BTC price drops since yesterday – Source: TradingView, BTC / USDT

This tumble erases the gains of the month: Bitcoin loses -0.2% over the last thirty days. Its capitalization this morning shows 1,150 billion dollars.

👉 Find all the news of Bitcoin (BTC)

Altcoins also in the red

On the side of altcoins, the atmosphere is not at the party either. In Ether (ETH), the fall is similar. He also lost nearly -10% in the space of a day, touching $ 4,280 this morning.

Over the last 24 hours, the rest of the top 10 altcoins have experienced drops of between -5.7% (Cardano’s ADA) and -10% (Polkadot’s DOT). The total capitalization of cryptocurrencies is now frankly below $ 3 trillion, a threshold reached last week.

Cryptocurrency capitalizations

Growth in the capitalizations of the main cryptocurrencies – Source: CoinGecko

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Are the institutions still present?

Several analysts believe, however, that this decline is temporary for Bitcoin, which is testing a precedent “all-time-high” while institutions confirm their appetite for the largest cryptocurrency.

The past week has indeed seen an influx of big money into Bitcoin-based investment products, to the point where they hit a record high. The weekly report from the Coinshares analysis site indicates that assets under management related to Bitcoin products have exceeded $ 56 billion, an amount never before reached:

Institutional cryptocurrency flows

Capital flows by assets represented – Source: Coinshares

This is the 13th consecutive week of influx into these investment products, which suggests that institutional investors are still very present.

Still, the markets are looking gloomy this morning. Will this decline be temporary, or is the scenario of a cheerful end of the year for cryptocurrencies being erased? The coming weeks will tell us.

👉 To read – Institutional investors were mostly interested in altcoins in 2021, according to Okcoin

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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