As an experienced analyst, I’ve seen my fair share of market volatility in the cryptocurrency space, and the recent price action of Bitcoin (BTC) and other major altcoins has been no exception.
As a researcher studying the cryptocurrency market, I’ve observed Bitcoin making efforts at price recovery within the last 24 hours. It came close to hitting the $60,000 mark for the first time in some days. Regrettably, these attempts fell short and Bitcoin didn’t manage to surpass that threshold.
I, as an analyst, observe that altcoins have experienced slight gains recently. Ethereum (ETH) is approaching the $3,000 mark, and Solana (SOL) has almost reached $140.
BTC Goes for $60K
The leading cryptocurrency went through some harsh periods over the past few days, with its value plummeting by over $8,000 at its lowest point. Surprisingly, things began on a hopeful note, as Bitcoin reached almost $65,000 during early Asian trading hours in the morning.
At this juncture, however, the bears managed to thwart the advance and initiated a series of declines. In just a few hours, bitcoin plunged below $62,000 and further dropped down to $60,000 on the same day.
The pressure continued to build up, causing Bitcoin to lose its crucial support level. This resulted in yet another significant drop, pushing the cryptocurrency down to a bottom of $56,500 by Wednesday morning – just before the much-awaited US Federal Open Market Committee (FOMC) meeting.
After the conclusion of that event, Bitcoin surged by $2,000 in response to the Fed’s announcement that they would not increase interest rates any further. However, those gains were short-lived as Bitcoin soon gave them back. It wasn’t until yesterday that the asset managed to recover and reached a price of $60,000 just hours ago.
The price had been brought down to approximately $59,200 at present, while its market capitalization soared to an impressive $1.166 trillion on CoinGecko. Its control over the altcoins exceeded 50% in terms of market share.
TON Steals the Show
At the onset of this week, many altcoins experienced significant losses. However, there was a notable turnaround yesterday as some coins, including Toncoin, rallied impressively. Toncoin has seen a remarkable surge, with its price increasing by approximately 12% in the last 24 hours and now exceeding $5.3.
HBAR, IMX, PEPE, TAO, and CRO have also produced impressive increases in the past day.
The price of Ethereum approaches $3,300, marking a 1.5% rise, while Solana hovers around $140 due to a 3.7% growth spurt. Dogecoin has advanced above $0.13, registering a 4% increase.
The cryptocurrency market’s total value has rebounded by approximately $40 billion over the past day, reaching a new figure of around $2.33 trillion according to CoinGecko’s latest report.
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2024-05-03 11:37