HYPE Token Tanks 5% as Bitcoin Retreats to $108K—Here’s Why Traders Are Sweating
Crypto markets just got a cold shower—HYPE nosedives 5% as Bitcoin stumbles back to $108K. Blood in the water or buying opportunity? Let’s break it down.
### The Domino Effect
When BTC sneezes, altcoins catch pneumonia. Today’s pullback triggered panic selling across mid-caps—HYPE’s 5% plunge looks tame compared to some leveraged longs getting liquidated.
### Whale Watching
On-chain data shows cluster sell orders at $108.5K BTC—same level where institutional profit-taking hammered prices last quarter. History rhyming or repeating? Either way, retail’s left holding bags again.
### The Silver Lining Playbook
Volatility breeds opportunity. Fear-driven dips like this let smart money accumulate—just ask the degenerates who bought HYPE’s last 8% drop and rode it to 3x.
Wake-up call: Crypto winters don’t send memos. Today’s correction could be tomorrow’s blip—or the start of another ‘macro headwind’ narrative. Either way, keep dry powder ready.
BTC Back to $108K
The start of July was rather sluggish, but BTC went downhill on the second day of the month, tumbling from $108,000 to $105,000. However, the bulls stepped up at this point and didn’t allow another price drop.
Instead, the cryptocurrency started to recover and quickly returned to $108,000. Moreover, it kept pumping and tapped a multi-week at $110,500 on the next day. These fluctuations, though, seem to be doomed from the start during this calm summer consolidation phase, and BTC went back down to $108,000 almost immediately.
It spent the weekend there but started to gain traction once again on Monday morning when it jumped past $109,600. The scenario repeated once again, and Bitcoin is now back to $108,000.
Its market cap has slipped to $2.150 trillion, while its dominance over the alts is back to 63% on CoinGecko.
HYPE Heads South
While yesterday was a good day for major altcoins, the landscape has changed slightly today, and most are in the red. ethereum has slipped by around 1% but has remained well above $2,500. Similar minor losses are evident from BNB, SOL, ADA, SUI, and LEO, while DOGE and LINK have dropped slightly more.
HYPE has declined the most from the larger-cap alts, having lost almost 5% of value on a 24-hour scale. As a result, the popular altcoin is below $38 now.
The biggest loser from the top 100 alts is Fartcoin (-8%), followed by SPX (-7.7%) and TIA (-7%). In contrast, TKX has surged by 11% to over $15.
The total crypto market cap has shed around $20 billion since yesterday and is down to $3.420 trillion.
