Bitcoin (BTC) Plummets to $58,000 as Crypto Market Loses $80 Billion in a Day (MarketWatch)

Bitcoin prices surged to a multi-day high of nearly $62,000 yesterday before faltering there and dropping by about $4,000 amid the subsequent rejection.

Altcoins also saw declines on the daily chart, with ETH dropping 4.5% to just above $2,600.

BTC Drops to $58,000

The major cryptocurrency saw a volatile last week but managed to recoup most of its losses by the end of the week, surging more than $13,000 from Monday's lows to approach $63,000 on Friday.

A relatively slow weekend saw BTC slip slightly, mostly hovering between the $60,000 and $61,000 range. Monday saw another drop, but this time it was less painful as Bitcoin dipped to just below $58,000.

It rebounded on Tuesday and Wednesday, surging to nearly $62,000 yesterday when the U.S. released its July CPI data, but then fell again following reports that the U.S. government had transferred roughly $600 million to Coinbase Prime.

The cryptocurrency's lowest price was recorded just under $58,000 a few hours ago, and although it has now rebounded above that level, the asset is still down more than 4% in a day, with its market cap falling to $1.15 trillion and its dominance over altcoins taking a hit, dropping to 53.3%.

Alto heading downhill

Ethereum has been one of the worst performing large altcoins over the past 24 hours, falling at a similar rate to BTC and hovering just above $2,400 as Jump Crypto’s latest ETH selloff sparked speculation of further declines.

Binance Coin, Solana, Ripple, Tongcoin, Dogecoin, Cardano, Shiba Inu, Bitcoin Cash and Polkadot also fell, while Tron recorded a small increase.

Among the mid-cap alternatives group, the biggest decliners were TIA, WIF and BRETT, all of which fell about 7-9%.

The cryptocurrency market capitalization has fallen to $2.16 trillion, meaning a loss of around $80 billion since yesterday.