As a researcher with a background in cryptocurrency and finance, I’ve witnessed firsthand the volatility of the digital asset market. The recent price actions of Bitcoin and altcoins have been underwhelming, to say the least.
The price behavior of Bitcoin has been lackluster recently, with the cryptocurrency falling short of holding above the $61,000 mark and moving closer to the significant support point at $60,000.
The cryptocurrencies other than Bitcoin, such as DOGE, ADA, SHIB, LINK, PEPE, and NEAR, have all experienced significant declines of over 3% within the last 24 hours.
BTC to Lose $60K?
Over the weekend, Bitcoin’s price plateaued around $64,000, following a predictable pattern. With no developments regarding the ETF approval, market fluctuations were minimal on both Saturday and Sunday.
As a crypto investor, I was taken aback when the bearish sentiment intensified on Monday. In just a few hours, the downward pressure grew stronger, sending cryptocurrencies spiraling southwards. By Tuesday morning, Bitcoin had plummeted to a low of $58,400 – its weakest point in nearly two months.
As a researcher studying the cryptocurrency market, I observed that the bulls successfully stepped in at this juncture and propelled bitcoin above $60,000 almost instantly. The price surge even peaked at $62,400 during the day, but it couldn’t sustain an upward trend or even hold its ground at that level.
After that point, Bitcoin experienced a significant decline, dropping approximately $2,000 in value and now hovers around $61,000. Its market capitalization has fallen below the $1.2 trillion mark once more, while its control over the altcoins on CoinGecko has weakened to 50.6%.
DOT Goes Away From $6
As a researcher studying the cryptocurrency market, I’ve noticed that the larger-cap alternatives have experienced significant declines over the past day. Specifically, Binance Coin, Ripple, Solana, Tron, and Ethereum have all dropped approximately 1%.
In contrast, while DOGE, ADA, LINK, SHIB, NEAR, and PEPE have dropped by over 3% during this period, FET has experienced a larger loss, falling below $1.55 for a decline of around 11%.
KAS is the only notable gainer from the larger-cap alts, having surged by 8% to $0.175.
The total crypto market cap has shed over $30 billion overnight and is down to $2.365 trillion.
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2024-06-27 11:56