Bitcoin (BTC) saw its price peak at nearly $62,000 yesterday, only to face a sharp rejection and fall back by approximately $4,000. This volatile movement has significantly impacted the broader cryptocurrency market, leading to declines across major altcoins as well.Bitcoin’s Recent Performance
Bitcoin experienced a turbulent week, recovering most of its losses by the end of Friday after a low of around $50,000 earlier in the week. The cryptocurrency surged close to $63,000 by Friday but encountered resistance over the weekend, fluctuating between $60,000 and $61,000.
The price action continued on Monday with a retracement, bringing BTC down to just under $58,000. On Tuesday and Wednesday, Bitcoin rebounded, reaching nearly $62,000 following the US CPI data release. However, the rally was short-lived, as BTC dropped again due to news of a $600 million transfer to Coinbase Prime by the US government. The cryptocurrency recently touched a local low near $58,000 and, despite a slight recovery, remains over 4% down on the day. Bitcoin’s market capitalization has decreased to $1.150 trillion, with its dominance over altcoins falling to 53.3%.Altcoins Experience Declines
Altcoins have also faced significant declines. Ethereum (ETH), which had been recovering, has retraced by 4.5% to just above $2,600. This drop comes amid speculations following Jump Crypto’s latest sale of ETH, which has fueled concerns of further declines.
Other major altcoins, including Binance Coin (BNB), Solana (SOL), Ripple (XRP), Toncoin (TON), Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), Bitcoin Cash (BCH), and Polkadot (DOT), have also turned red. Tron (TRX) is one of the few exceptions, showing a minor increase.
In the mid-cap altcoin space, TIA, WIF, and BRETT have experienced the most significant declines, with drops of around 7-9%. The total cryptocurrency market capitalization has decreased to $2.160 trillion, marking an $80 billion loss since yesterday.Conclusion
The cryptocurrency market is currently grappling with increased volatility, with Bitcoin and major altcoins experiencing notable declines. Bitcoin’s recent peak and subsequent drop highlight ongoing market uncertainties, while altcoins are similarly affected by broader market trends and significant transactions. As the market adjusts, continued monitoring of these fluctuations will be crucial for investors and traders alike.
August 2024, Cryptoniteuae