Bitcoin’s price has experienced extreme fluctuations recently, reaching highs near $60,000 only to plummet by over $2,000 shortly after. This volatility can be attributed to a variety of factors, including the release of CPI numbers and market speculation.
While Bitcoin has been taking center stage with its dramatic price movements, most altcoins have remained relatively stagnant. However, there are exceptions, such as BONK, RNDR, BRETT, PEPE, and WIF, which have seen significant losses in value.
The primary cryptocurrency faced a major dip last Friday, dropping to a multi-month low of under $54,000. Despite a brief recovery over the weekend that pushed the price past $58,000, the bears quickly regained control and sent it back below $55,000. The start of the week brought more volatility, with price swings between $58,000 and $55,000.
The recent release of US CPI numbers had a significant impact on Bitcoin’s price, causing a sudden surge to a multi-day high of $59,500. However, this spike was short-lived as market bears stepped in once again, pushing the price down by more than $2,000. Currently, Bitcoin is hovering just above $57,000 with a market cap under $1.130 trillion.
Most altcoins followed a similar pattern to Bitcoin after the CPI numbers were released, experiencing initial fluctuations but ultimately settling in a similar position as before. Some notable altcoins like ETH, BNB, SOL, DOGE, XRP, and SHIB have seen slight declines, while LINK suffered a drop of over 3%. On the other hand, AVAX, TRX, TON, DOT, and ADA have seen minor gains.
Within the mid-cap altcoin category, BONK, RNDR, BRETT, AKT, and STRK have experienced the most significant losses, with declines ranging from 7% to 11%. This indicates that the market volatility has not been limited to Bitcoin alone.
Overall, the total crypto market cap has lost some momentum, dropping to $2.220 trillion. This decline suggests that the market as a whole is experiencing a period of uncertainty and volatility, requiring investors to closely monitor the situation and adjust their strategies accordingly.
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