Bitcoin’s price attempted to surpass the $43,000 mark but ultimately failed, resulting in a significant drop. However, the cryptocurrency has managed to recover most of its losses since then. While larger-cap altcoins like BNB, SOL, and AVAX demonstrated impressive gains, ADA and DOGE retraced slightly.
After a relatively quiet weekend, with bitcoin trading mostly around $42,000, the start of the business week was unexpected and painful for the asset. It experienced a steep decline of approximately $2,000, dropping to $40,600 for the first time in 5-6 days. Fortunately, the bulls stepped in, preventing a break below $40,000 and initiating a remarkable upward movement. Bitcoin surged to $43,500 on Tuesday but quickly lost momentum and fell below $42,000 a few hours later. However, as of now, it has managed to recover almost all of its daily losses and is trading close to $43,000.
Due to the recent price fluctuations, bitcoin’s market capitalization has decreased to just under $440 billion. Despite this decline, bitcoin’s dominance over the alternative coins remains strong, sitting at over 52%.
Within the past 24 hours, some larger-cap altcoins have experienced notable gains. Binance Coin (BNB) is up by 5% and is currently trading close to $260 following the company’s settlement with US authorities. Solana (SOL) and Avalanche (AVAX) have also seen daily increases of 3% and 4%, respectively. On the other hand, Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) have seen slight retracements ranging from 1-2% during the same period.
Several altcoins within the top 100 have witnessed impressive gains. Near Protocol (NEAR), Stacks (STX), and Sei (SEI) have shown the most substantial increases, with NEAR surging by up to 17%. Injective Protocol (INJ), in particular, stands out with a weekly surge of 75%. Within the past 24 hours alone, INJ has increased by 11% and is currently trading above $11.
While the total crypto market cap has retraced slightly, it continues to remain above $1.6 trillion on CoinMarketCap (CMC). This indicates that, despite the temporary setbacks, the cryptocurrency market as a whole remains robust and continues to attract significant interest and investment.
Bitcoin’s price experienced turbulence, failing to overcome the $43,000 level and subsequently undergoing a sharp decline. However, it has since recovered most of its losses. Larger-cap altcoins have shown mixed performance, with some recording impressive gains while others retraced slightly. The cryptocurrency market as a whole remains resilient, as demonstrated by the sustained high market cap. Investors continue to closely monitor the movements of Bitcoin and altcoins, anticipating future price actions and opportunities for growth.
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