Bitcoin’s price has experienced some fluctuations in the past 24 hours, dropping below $67,000 at times but reacting positively to each correction. Despite the volatility, the leading cryptocurrency now sits at that line once again.
Altcoins Slightly in the Red
On a daily scale, altcoins such as TON, ADA, and SHIB have retraced by around 3%. This trend indicates that the broader market is slightly bearish at the moment. It is essential to monitor how these altcoins perform in relation to Bitcoin’s movements.
Less than a week ago, Bitcoin’s price had dipped to just over $61,000 due to some Coinbase issues. However, the asset quickly rebounded and started a significant rally after the US CPI numbers were announced. In a matter of hours, BTC surged by several thousand dollars, surpassing $66,000.
Despite the recent fluctuations, Bitcoin’s market cap remains around $1.320 trillion, with its dominance over the altcoins close to 52%. This indicates that Bitcoin continues to be the dominant force in the cryptocurrency market.
Most altcoins have mirrored Bitcoin’s performance in the past 24 hours, posting minor losses. Ethereum (ETH) is close to breaking below $3,100 after a 0.4% daily decline, as anticipation for the SEC’s decision on Ethereum ETFs grows. Other larger-cap altcoins such as Binance Coin (BNB), XRP, DOGE, AVA, DOT, TRX, and BCH have also experienced losses.
In contrast, some altcoins have shown resilience in the face of market downturns. Solana’s native token, for example, has jumped by 2.5% and is close to $180. Other altcoins such as WIF, PEPE, NEAR, and GRT are also slightly in the green despite the overall market correction.
Total Crypto Market Cap
The total cryptocurrency market cap has decreased slightly since yesterday and is now just under $2.550 trillion on CoinGecko. This downward trend in the overall market cap suggests that investors may be taking a more cautious approach in the current market environment.
While Bitcoin’s price remains relatively stable around the $67,000 mark, altcoins are experiencing some volatility and mixed performance. It is crucial for traders and investors to closely monitor these market dynamics and adjust their strategies accordingly to navigate the ever-changing cryptocurrency landscape.
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