As a seasoned crypto investor, I’ve seen my fair share of market volatility. The recent ride of Bitcoin (BTC) has been particularly rollercoaster-like, and it’s left me both exhilarated and frustrated in equal measure. After a promising start to the week with a multi-day peak above $70,500, BTC took a sudden nosedive, losing over $3,000 in value within days. This was followed by another surge to just below $70,000 before it retreated once again. I’ve learned to brace myself for such swings and not let my emotions dictate my investment strategy.
In the last 24 hours, Bitcoin experienced significant price fluctuations. It first dropped to around $67,100, then quickly surged back up towards $70,000, but its upward momentum was halted.
Overnight, most altcoins experienced modest increases, but Pepe made a significant comeback, soaring by 9% daily.
BTC’s Down and Up and Down Ride
Over the tranquil weekend, Bitcoin mostly hovered around the $69,000 mark. However, the beginning of this business week brought about a surge in positivity for the asset. It reached a new high of over $70,500, adding approximately $1,500 in value within hours.
Despite their initial success, the bulls were unable to sustain the trend, leading to a rapid decline in Bitcoin’s value within a few days. Specifically, the digital currency experienced a loss of over $3,000 in value within 24 hours.
As a crypto investor, I’ve witnessed increased volatility in the market, particularly on Wednesday and Thursday. Bitcoin took a hit, dipping down to $67,100 before experiencing a sudden surge, reaching a daily high of over $69,500. However, despite this upward momentum, it was unable to break through the significant resistance level at $70,000 on this occasion. As of now, Bitcoin has retreated back to around $68,000.
Its market cap stands below $1.350 trillion but its dominance over the alts is above 50% on CG.
PEPE on the Rebound
In recent weeks, PEPE, the third-largest meme coin, gained significant attention with new record highs. Yet, it experienced a substantial decline of more than 10% just yesterday. Today, however, PEPE has bounced back, rising by over 9% to reach $0.000015 once again.
The top gainers from the largest 100 altcoins include JASMY (27%), BEAM (25%), and ORDI (18%).
As a researcher examining the cryptocurrency market, I’ve observed that large-cap alternatives exhibit less volatility compared to other digital assets. For instance, Ethereum, Binance Coin, Solana, Ripple, Dogecoin, and Toncoin have all experienced modest gains, ranging from approximately 0.5% to 1%.
The cryptocurrency market’s overall value has regained some loss on a day-to-day basis, yet it falls significantly short of the $2.7 trillion mark.
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2024-05-31 11:58