As an experienced analyst, I’ve seen my fair share of market volatility in the cryptocurrency space. The past few days have been particularly challenging for Bitcoin (BTC) investors as the asset plunged to a monthly low of $65,000. The altcoins haven’t fared any better, with most experiencing significant declines.
The value of Bitcoin took a downturn over the last few days, reaching a low of $65,000 on the previous day – a level not seen since around a month ago.
As a crypto investor, I’ve noticed that while some altcoins have bounced back from their all-time lows, many others remain deeply in the red. Among them, NEAR, FIL, and FET have experienced significant downturns.
BTC’s Rollercoaster Continues
The leading cryptocurrency began the business week on a relatively optimistic note, reaching and slightly surpassing $70,000 on Monday. However, the market shifted gears on Tuesday due to mounting anxiety and trepidation surrounding the upcoming US Consumer Price Index (CPI) release and the Federal Open Market Committee (FOMC) meeting. As a result, the value of the asset dipped down to $66,000.
When the Consumer Price Index (CPI) surpassed forecasts, Bitcoin experienced a significant surge, reaching approximately $70,000 once more. However, this upward trend was brief as Bitcoin dipped to around $67,000 the following day, and the downturn continued on Friday evening.
The bears maintained full command, driving the asset to a monthly low of $65,000. Subsequently, Bitcoin rebounded slightly, regaining approximately $1,000. However, it still experienced a daily loss of 1.5%. This price instability led to over $200 million in losses for nearly 75,000 traders within the last 24 hours.
The market value of the company has decreased to around $1.3 trillion, yet it continues to hold a significant lead among alternative cryptocurrencies with a market share above 51%.
Alts in Red
The majority of cryptocurrencies other than Bitcoin experienced significant price drops around yesterdays’s evening. Despite regaining some losses since then, most altcoins are currently trading in the negative.
At present, the price of Solana has dropped by 3%, landing at approximately $143. On the other hand, Dogecoin and Shiba Inu have experienced significant downturns, with losses of nearly 5% respectively. Meanwhile, Avalanche, Polkadot, and Cardano have undergone slight to moderate declines, with decreases ranging from 2-4%.
Among the rare coins, TON has experienced a noteworthy increase of around 3%, pushing its price above $8. Similarly, UNI has seen a 3.5% rise today, settling at approximately $11.
As a crypto investor, I’ve noticed that my portfolio has taken a hit due to the recent downturn in NEAR, FIL, FET, and other cryptocurrencies. Collectively, these assets have resulted in significant losses, amounting to approximately $50 billion in value being wiped off the total crypto market cap overnight.
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2024-06-15 11:18