As a seasoned cryptocurrency analyst, I’ve seen my fair share of market volatility in the digital asset space. Bitcoin’s (BTC) recent price drop below $61,000 for the first time in nearly a week is a stark reminder that even the most dominant and established assets aren’t immune to downward pressures.
In the last 24 hours, Bitcoin experienced a setback, dipping below the $62,000 and $61,000 thresholds to reach a six-day minimum price.
It’s intriguing to note that not every altcoin has mirrored Bitcoin’s downward trend. For instance, TON and RNDR have bucked the trend with notable increases of approximately 7% each.
BTC Down to $61K
Last week, Bitcoin experienced a robust finish, surging from around $59,000 to reach nearly $64,000 by the end of the weekend. Specifically, its price climbed steadily on Friday, reaching $62,000, and continued to rise during the weekend.
As an analyst, I observed the asset’s initial unsuccessful attempt to surmount a significant resistance level around $65,000. Subsequently, on Monday, the asset mounted another advance, propelling it above $65,000 and reaching a peak of $65,500, marking a 12-day high. Yet, bears swiftly intervened, thwarting any additional progress.
Bitcoin experienced a reversal of fortune in the following days, with its value plummeting to $63,500 before sliding further down to approximately $62,500 on Wednesday. The situation deteriorated over the past 24 hours as bitcoin took another dip and dropped below $61,000 for the first time in nearly a week.
The cryptocurrency has regained some value and currently hovers above $61,000. However, it remains 1.5% lower than its day’s opening price. Its market capitalization is approaching the threshold of falling below $1.2 trillion. Furthermore, its supremacy over alternative cryptocurrencies has dipped to 50.5% on CoinGecko.
TON Defies Overall Sentiment
In the last 24 hours, both Ethereum and Ripple have experienced a decline of approximately 1%, with their prices settling below $3,000 and $0.51 respectively. Additionally, Solana, Dogecoin, and Polkadot are also among the larger-altcoins currently showing losses.
In the past day, Binance Coin (BNB) and Cardano (ADA) have seen an increase in value, with BNB reaching $600 and ADA at $0.45, marking a 3% rise for both. Among larger-cap altcoins, Toncoin (TON) has taken the lead with a daily gain of 7%, causing its price to surpass $6.
RNDR is the other notable gainer from the top 36 alts, followed by PEPE, ETC, ATOM, HBAR, and LTC.
As an analyst, I’ve observed a significant drop in the total cryptocurrency market capitalization. Specifically, we’ve seen a loss of approximately $20 billion, causing the market cap to fall below the $2.4 trillion mark. This decline represents around $170 billion in value since just a few days ago on Monday.
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2024-05-09 11:14