As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market go through its ups and downs. And the current situation is no exception. Bitcoin’s price action has been quite stagnant lately, with the asset failing to make any significant moves beyond $69,300. It’s a frustrating period for bulls who were hoping for another leg-up, but such is the nature of this volatile market.
For the past few weekend sessions, Bitcoin‘s price behavior has been rather uneventful, with the cryptocurrency failing to make significant strides beyond its current price point of $69,300.
In contrast to the cryptocurrency market where Bitcoin dominates, the terrain for altcoins exhibits significant differences. Many of these alternative coins have seen declines on both a daily and weekly basis.
BTC Stalls at $69K
Maybe fueled by the robust inflows into Bitcoin exchange-traded funds (ETFs), last week’s business sector for Bitcoin showed great promise. The digital asset commenced the week at approximately $67,500 but experienced a steady ascent and surpassed the $70,000 mark before the week’s end.
I encountered some resistance at that particular level initially, but the bullish momentum didn’t wane. Instead, Bitcoin surged to an astounding $71,500 on a Wednesday trading session. An additional push propelled the cryptocurrency to breach the $72,000 mark for the first time in over two weeks on Friday.
As a crypto investor, I’ve witnessed a significant turn of events that left me dismayed. The bears managed to seize control and forced bitcoin downward sharply. In just a few hours, the value of my cryptocurrency plummeted by over three thousand dollars, leaving it at $68,500.
On Saturdays past, the price broke through the $69,000 mark around morning and soared up. However, since then, the price fluctuations have been minimal, keeping the asset at approximately $69,300. Its market capitalization remains unchanged at $1.365 trillion. Notably, its supremacy over the alternatives has significantly increased to 51.2% on CoinGecko.
Alts See Red
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin’s increasing dominance has led to significant price drops for most altcoins in the last 24 hours. Toncoin is particularly affected, with its price falling over 6% and currently trading below $7. The red numbers are evident for Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Avalanche (AVAX), Doracle (DOR), Bitcoin Cash (BCH), and Near Protocol (NEAR).
As a researcher studying the cryptocurrency market, I’ve noticed that meme coins like PEPE and WIF have experienced their characteristic volatility recently. Specifically, PEPE has seen a decline of approximately 6%, while WIF has dropped by over 5%.
For some individuals, the financial terrain shifts significantly from one week to the next. Notably, Binance Coin (BNB) has reached a new peak at over $715 and has surged by 12%, currently hovering around $680. In contrast, Toncoin (TON) has experienced growth of 9%. Conversely, Shiba Inu (SHIB), Dogecoin (DOGE), Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), and Near Protocol (NEAR) have taken a dive, with SHIB and DOGE both shedding around 8%, AVAX and LINK declining by roughly 10%, and DOT and NEAR suffering losses of 10% and 11%, respectively.
Over the last week, BRETT saw a substantial increase of 60%, followed closely by ORDI with a gain of 22%. On the flip side, BEAM (-22%), TIA (-20%), and LDO (-20%) experienced significant losses.
The total crypto market cap is down by 0.6% in a day to $2.670 trillion.
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2024-06-09 09:00