Date: Sat, August 03, 2024, 04:27 AM GMT
This week, the cryptocurrency market experienced a significant downturn, with major cryptocurrencies and altcoins taking a heavy hit. The top BRC-20 tokens including ORDI, SATS and MUBI were among the tokens that saw substantial double-digit declines in the past seven days. The total market cap of BRC20 tokens has dropped to $1.36 billion today.
Top BRC-20 Tokens In Last 7 Days:
- Ordinals (ORDI): Down by 26.15%
- SATS (MUBI): Declined by 24.14%
- Multibit (SHIB): Down by 32.53%
Here’s Why Top Altcoins are Down:
Bitcoin Failed to Give Breakout:
Recently, on July 29, Bitcoin had the opportunity to break out from a Bull Flag—a bullish continuation pattern that usually indicates further price increases. Despite the optimism presented in this technical setup, Bitcoin’s price couldn’t break through the crucial resistance level of $71K and instead pulled back to current price level of $60,747. This inability to break out has cast some uncertainty into the market, which, in turn, affected the prices of BRC20 tokens too.
Meanwhile, other factors contributing to the market downturn include Mt. Gox Bitcoin repayments to its creditors, geopolitical tensions between Iran and Israel, and recent sell-offs in global market indices.
What’s Ahead?
If we focus on the Bitcoin (BTC) chart, there is minor support at $60K, a crucial level to watch. If BTC can bounce back from this support, we might see a recovery. However, if it fails to hold this level, the price could drop to around $53,643, likely causing altcoins to dip further.
It will be worth watching the market activity to see how it progresses from here. Keep your eyes on the global market, as it could impact crypto prices this week.
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