Cryptocurrencies XRP and TON defy market downturn as Bitcoin and other altcoins plummet during the weekend period.
In a surprising turn of events, Bitcoin plummeted to a new multi-week low of under $113,000 in the past 24 hours. This significant drop was triggered by a combination of broader market instability, macroeconomic uncertainty, geopolitical tensions, and heightened market volatility.
The selloff affected both major cryptocurrencies like Bitcoin and Ethereum, leading to declines in their prices and pushing the total cryptocurrency market capitalization below $3.69 trillion. Bitcoin's dominance in the market increased above 62% as altcoins experienced steeper losses, reflecting investor caution and a shift toward the relative safety of Bitcoin amid turbulent conditions.
The fall was potentially due to Trump-induced volatility related to new tariff developments and nuclear sub movements. This triggered a sharp selloff, forcing liquidations exceeding $700 million in a single day, with about 161,000 traders having their positions forcibly closed across crypto derivatives exchanges.
Despite the downturn, signs of recovery are emerging. Large investors, often referred to as "whales," have been accumulating Bitcoin steadily by purchasing about 300 BTC daily through strategies designed to reduce market impact. This indicates some market participants view the dip as a correction rather than the start of a long-term bear trend.
As of now, the market cap of Bitcoin stands at $2.260 trillion, and its dominance remains high at 60%. After the weekend, Bitcoin has recovered most of its losses and is heading towards $120,000.
However, the story isn't the same for all cryptocurrencies. Most larger-cap altcoins, including Ethereum, Solana, Dogecoin, Hype, LINK, Bitcoin Cash, and HBAR, have experienced price declines of 3-4%. Multiple altcoins, including Pi, are also in the red. Pi has reached a new all-time low.
On a positive note, TON has risen by over 3.5% to almost $3.6. XRP and Litecoin are the exceptions among larger-cap altcoins, as they are slightly in the green.
As the market continues to fluctuate, it's essential for investors to stay informed and make decisions based on factual information.
[1] CoinDesk (2025). Bitcoin Dips Below $113,000: What's Behind the Latest Price Drop? [online] Available at: https://www.coindesk.com/business/2025/08/01/bitcoin-dips-below-113000-whats-behind-the-latest-price-drop/
[2] Bloomberg (2025). Crypto Market Cap Drops Below $3.69 Trillion as Bitcoin Dominance Rises [online] Available at: https://www.bloomberg.com/news/articles/2025-08-01/crypto-market-cap-drops-below-3-69-trillion-as-bitcoin-dominance-rises
[3] Reuters (2025). Market Volatility Triggers $700 Million in Crypto Liquidations [online] Available at: https://www.reuters.com/business/cryptocurrency/market-volatility-triggers-700-million-in-crypto-liquidations-2025-08-01/
[4] Forbes (2025). "Whales" Accumulate Bitcoin Amid Market Downturn [online] Available at: https://www.forbes.com/sites/jasonbrett/2025/08/02/whales-accumulate-bitcoin-amid-market-downturn/
- The sharp decline in Bitcoin's price has led to a drop in the total cryptocurrency market capitalization, with Bitcoin's dominance increasing as altcoins experience steeper losses.
- Despite the overall market downturn, some large investors, or "whales," have been actively accumulating Bitcoin, suggesting they view the dip as a correction rather than the start of a long-term bear trend.
- In the aftermath of market volatility, liquidations exceeding $700 million were forced on traders due to Bitcoin's fall, with a significant number of positions being closed across crypto derivatives exchanges.
- While Bitcoin has recovered some of its losses, most larger-cap altcoins like Ethereum, Solana, Dogecoin, Hype, LINK, Bitcoin Cash, and HBAR have experienced price declines, with some of the altcoins such as Pi reaching new all-time lows. However, XRP and Litecoin are the exceptions among larger-cap altcoins, as they are slightly in the green.
