Bitcoin’s price has remained relatively stable over the weekend, hovering just above $64,000, following a period of heightened volatility the previous week. The altcoin market has also experienced decreased volatility, with a few exceptions such as Dogecoin, which has seen a 7% surge in price.
The previous week started off on a challenging note for Bitcoin, as the primary cryptocurrency initially recovered from recent losses, reaching $69,000 on Monday, only to plummet by $5,000 shortly after. By Tuesday, Bitcoin had dipped to a two-week low of under $61,000, attributed to profit-taking by some investors and uncertainty surrounding the FOMC meeting scheduled for later that day.
Following the announcement by the US Federal Reserve that it would maintain its current monetary strategy, Bitcoin experienced a rapid 4% increase in price, surpassing $68,000 by Wednesday morning. However, this rally was short-lived, and Bitcoin began to decline in the following days, trading around $64,000 currently after failing to breach $66,000 the day before.
Most altcoins have also shown a decrease in daily volatility, with Ethereum, Solana, and Binance Coin recording marginal losses, while XRP, ADA, SHIB, and DOT have seen modest gains of 1-2%. Notably, Dogecoin has emerged as the top performer among the 15 largest cryptocurrencies, achieving a 7% increase overnight and rising above $0.17. Other notable gainers include Bitcoin Cash, ICP, and OKB, with price hikes of up to 8% seen in the case of OKB.
Despite individual coin fluctuations, the total cryptocurrency market cap has experienced a slight decline on a daily basis, currently standing at just over $2.560 trillion on CoinGecko. Bitcoin’s market cap remains flat at $1.260 trillion, with its dominance hovering slightly above 49%.
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