Crypto Prices Today August 5: BTC Tanks 10%, ETH Crashes 20%, & Altcoins In Bearish State

The crypto prices today have taken an alarmingly bearish turn, sparking severe concerns among market participants. Bitcoin (BTC) price tanked over 10% to rest at the $54K mark today. Ethereum’s (ETH) price crashed by nearly 20%. Meanwhile, the altcoin market mainly followed the bearish momentum.

Simultaneously, the global crypto market cap plunged 12.50% to $1.89 trillion today. Nonetheless, the total crypto market volume saw an 86.72% increase to $124.44 billion.

Here’s an overview of some of the highest-ranking cryptocurrencies by market cap and their price movements today, August 5.

Crypto Prices Today

Bitcoin Price

BTC price plummeted 10.78% in the past 24 hours to reach $54,191.08. The coin’s 24-hour slumps and peaks were recorded as $52,559.19 and $61,058.94, underscoring a highly volatile movement.

Bitcoin’s dominance stood at 56.62%, an increase of 0.98% over the past day. Amid the coin’s bearish performance, BTC critic Peter Schiff has further predicted that Bitcoin ETFs will ‘gap down 15%-30% below their Jan highs.’

Adding to the bearish concerns, CryptoQuant analyst Julio Moreno further spotlighted that if BTC fails to regain the crucial support of $57K, there’s a high possibility that a $40,000 price target will engulf traders and investors.

Ethereum Price

Simultaneously, the ETH price crashed 20.07% over the past day to trade at $2,325.86. Ethereum’s 24-hour bottoms and tops were $2,122.55 and $2,923.47, respectively.

Notably, the slumping price movement comes against the backdrop of Jump Trading offloading whopping amounts of ETH. The crypto firm appears to have dumped $300 million in Ethereum over the past ten days.

Solana Price

The crypto SOL saw an 11.42% dip in value to reach $127.94 today. Solana’s 24-hour bottoms and tops were recorded as $124.24 and $144.95, respectively.

Whale Alert’s data reveals significant SOL dumps to exchanges over the weekend, aligning with the coin’s waning movement.

Crypto XRP Price

XRP price plunged 14.92% over the past day to trade at $0.4793. The crypto’s 24-hour lows and tops were $0.4675 and $0.5583, respectively.

DOGE & SHIB Prices

Dogecoin’s price saw a 1.62% fall over the past day and is currently trading at $0.09174. Shiba Inu’s price tumbled 14.87% to trade at $0.00001204.

Similarly, PEPE, WIF, and FLOKI dipped 18%-21%.

Also Read: Crypto Market Crash: Liquidations Cross $800 Million As Japan’s Nikkei Drops 7%

Crypto Losers Today

Bittensor (TAO) price crashed 25.95% to $186.96.
KuCoin Token (KCS) price fell 22.59% to $6.81.
Ethereum Name Service (ENS) price tumbled 22.19% to $16.05.
Lido (DAO) price dipped 22.13% to $1.04.

Also, it’s worth noting that the only crypto gainer today was Tether Gold, up 0.15% to $2,449.72. Besides, the hourly time frame charts underscored the presence of upside movement on BTC and ETH, fueling contrasting speculations on the crypto prices today.

Meanwhile, as the broader market crashed amid Japanese markets’ collapse, the U.S. Fed has decided to hold an emergency meeting to cut rates. This mover comes as an effort to cushion the current crash, and possibly bolster market recovery. Analysts anticipate a Fed rate cut by 50 bps (basis points) following the emergency meeting.

Also Read: Peter Schiff Slams Bitcoin Debt Repayment Plan By Donald Trump

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.