Bitcoin, the primary cryptocurrency, has experienced quite a rollercoaster ride in the past 24 hours. With the price dropping below $67,000 multiple times, it has managed to react positively to each correction, currently resting at that crucial line once again. Just a week ago, Bitcoin’s price plummeted to slightly over $61,000 due to some issues with Coinbase. However, the asset swiftly rebounded and initiated a significant rally after the announcement of US CPI numbers on Wednesday. Within hours, BTC surged by several thousand dollars, surpassing $66,000. Despite a slight correction on Thursday to just under $65,000, it quickly reversed its course by the end of the week. This led to a couple of price pumps above $67,500, with the latest happening on Sunday. Unfortunately, the bears took control and pushed Bitcoin back down to under $66,000. Despite some additional volatility and brief declines, the current status sees Bitcoin hovering around $67,000 once again, reflecting a minimal 0.5% decrease in a single day.
While Bitcoin has been showcasing its unpredictable nature, the altcoins have not remained unscathed. TON, ADA, and SHIB, among others, have retraced by approximately 3% in the past day, mirroring Bitcoin’s performance. Ether (ETH) is also feeling the pressure, inching close to breaking below the $3,100 mark after a 0.4% decrease. The anticipation surrounding the SEC’s decision on Ethereum ETFs is contributing to the unease in the market. Binance Coin (BNB) has similarly dropped by a comparable percentage, settling at $576. Other major altcoins such as XRP, DOGE, AVA, DOT, TRX, and BCH have also experienced losses. TON, SHIB, and ADA are down by 2.5-3%, maintaining the downward trend. On the flip side, Solana’s native token has defied the odds by increasing by 2.5% and nearing the $180 mark. Additionally, WIF, PEPE, NEAR, and GRT are slightly in the green, showcasing a mix of gains and losses across the altcoin spectrum.
The total crypto market cap has witnessed fluctuations, shedding some value since the previous day. Currently just under $2.550 trillion on CoinGecko, the market cap reflects the overall sentiment prevailing in the market. Bitcoin’s market cap remains stable around $1.320 trillion, with its dominance over the altcoins hovering close to 52%. The past week has been a testament to the volatile nature of the crypto market, with prices swinging back and forth based on various factors impacting the digital assets. As the market continues to evolve and respond to external events, investors and traders must stay vigilant and adapt to the ever-changing landscape of cryptocurrency trading.
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