As a researcher with some experience in the cryptocurrency market, I’ve seen my fair share of volatility and price swings. The past few days have been no exception, with bitcoin (BTC) experiencing yet another wild ride. After posting impressive gains and surpassing $70,000, BTC took a sudden nosedive and dropped below $68,000 in just hours. Most altcoins followed suit, with notable losers including ARB, BCH, and PEPE.
As a crypto investor, I’ve witnessed Bitcoin‘s value climbing steadily over several days, surpassing the $70,000 mark. However, within the last 12 hours or so, there has been a sudden downturn in its price. The value of Bitcoin has now dipped below $68,000.
Most altcoins are also slightly in the red, with ARB, BCH, and PEPE among the most notable losers.
BTC Drops $3K
Last week saw significant volatility in the leading cryptocurrency due to reports suggesting the US Securities and Exchange Commission (SEC) might approve Ethereum spot exchange-traded funds (ETFs) by week’s end. Consequently, numerous rallies occurred, with prices peaking at nearly $72,000 on Tuesday – a level not reached since early April.
Despite the excitement waning in the aftermath, Bitcoin dipped to $66,400 on Thursday. Surprisingly, this occurred right before the US regulatory body gave its approval for eight Ethereum spot ETFs. The bullish sentiment resurfaced, pushing Bitcoin back up towards $70,000 over the weekend.
Yesterday, the asset bounced back after a short dip and reached a new peak of $70,500 – its highest level in several days. However, just as bullish investors were gearing up for a push toward the record high, unexpected events surrounding Mt. Gox emerged, causing another shift in the market landscape.
Within a few hours, the value of the cryptocurrency plummeted approximately $3,000, reaching a level of $67,500. At present, BTC hovers just above this local minimum. However, its market capitalization has shrunk to $1.330 trillion. Despite this, Bitcoin’s control over the alternative cryptocurrencies remains below the 50% threshold.
LINK Defies Market Sentiment
Large-cap altcoins have followed Ethereum’s lead in experiencing losses today. Ethereum initiated this downtrend with a almost 2% decrease, causing its price to drop approximately $100 from the previous day’s peak of around $3,950. Binance Coin, XRP, DOGE, TON, Cardano (ADA), Avalanche (AVAX), Tron (TRX), and Polkadot (DOT) have also incurred minor losses.
Among the top 20 altcoins, Bitcoin Cash experienced the greatest decrease in value, amounting to a loss of approximately 4.5 percent within the past day. Following closely was ARB with a decline of around 5.5 percent. PEPE also saw a drop of nearly 4.4 percent after setting its all-time high just yesterday.
Instead of “In contrast, stands Chainlink’s LINK,” you could say “Chainlink’s LINK, on the other hand, has surged approximately 6% within the past day and is currently trading above $18.”
Approximately $30 billion worth of cryptocurrencies were wiped out from the total market capitalization overnight, bringing it down to roughly $2.68 trillion according to CoinMarketCap.
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2024-05-28 11:24