As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of volatility and price swings. And based on the latest developments, it seems we’re in for another rollercoaster ride.
The price of Bitcoin surged past the $65,500 mark for several days before hitting a new high yesterday. However, it experienced a significant drop, falling roughly $2,000 in value right after reaching this peak.
Today, many alternate coins are experiencing significant losses, with Dogecoin (DOGE), Shiba Inu (SHIB), and Avalanche (AVAX) being among the hardest hit from the larger cap group.
BTC Stopped at $65.5K
As a researcher studying the cryptocurrency market, I’ve observed a tumultuous week for the primary digital currency, marked by extreme volatility and sharp declines. The downturn reached its peak on Wednesday when the price dipped to a two-month low of $56,500. However, the situation took another turn when the US Federal Reserve announced they would not be increasing interest rates on that day. The actual recovery began on Thursday and continued into Friday.
The asset experienced a significant surge on Friday, reaching several thousand dollars more than $60,000. Over the weekend, its price continued to rise, approaching $64,500. After a minor dip on Sunday, the asset regained momentum on Monday and hit a 12-day high of $65,500.
While the bulls were gearing up for another advance, the bears regained power and caused Bitcoin to drop approximately $3,000 in value. Consequently, Bitcoin’s price dipped down to $62,650 on Bitstamp.
As a researcher studying the cryptocurrency market, I can share that Bitcoin has regained some value since then and now hovers above the $64,000 mark. The market capitalization of Bitcoin has stabilized at around $1.26 trillion. Additionally, its control over the altcoins has come close to reaching a 51% dominance.
DOGE, SHIB, AVAX Go Down Hard
Yesterday, I witnessed a robust surge in the altcoin market. However, the tides have shifted, and most large-cap altcoins are no longer displaying positive gains. Interestingly enough, Solana (SOL) is the notable exception, inching closer to $160 following a 2% price rise.
Contrarily, the price of DOGE has dropped by 5.3% to land below $0.16, SHIB has declined by 6% to reach $0.000024, and AVAX has retreated by 5.8% to settle at $37.
The mid-cap altcoins, including MATIC, HBAR, STX, PEPE, TAO, and ICP, are experiencing a downturn, losing between 5-9% of their value. In contrast, RNDR is defying this trend and has spiked above $10 following a 5% daily increase.
In the past 24 hours, the overall value of the cryptocurrency market has dropped approximately $60 billion, bringing it down to nearly $2.5 trillion.
Read More
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- How to Handle Smurfs in Valorant: A Guide from the Community
- Honkai: Star Rail’s Comeback: The Cactus Returns and Fans Rejoice
- Dead by Daylight: All Taurie Cain Perks
2024-05-07 12:06