As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of price swings and market volatility. The past few days have been no exception, with Bitcoin (BTC) reaching new heights above $65,000 only to be dragged down by unexpected news.
The price of Bitcoin surged past $65,000 for the first time in weeks, yet it quickly retreated by over $2,000 following unsettling news from the defunct cryptocurrency exchange, Mt. Gox.
Multiple meme coins within the altcoin category have experienced significant gains, surging over 10% in value during the previous day.
BTC Goes Up and Down
As a seasoned cryptocurrency analyst with over a decade of experience in financial markets, I’ve seen my fair share of market volatility. Last week was no exception, with the primary cryptocurrency taking a tumble and ending the volatile business week on a somewhat positive note, hovering around $58,000. The weekend, however, was expected to be less eventful. But then, news broke out about an attempted assassination of a pro-crypto US presidential candidate – none other than Donald Trump himself.
Bitcoin, the foremost digital currency, experienced a significant leap and reached a new high of $60,000 for the first time in nearly a week on Monday. This upward trend continued on Tuesday with an additional surge, propelling Bitcoin’s price to touch $65,000 – marking its highest point in two weeks.
The asset had regained over $10,000 in value since the July 5 crash; however, this was around the time when reports emerged about Mt. Gox transferring large amounts of Bitcoin, causing markets to plummet due to widespread fear.
Within just a few hours, the value of the cryptocurrency plummeted by approximately $2,500, reaching $62,500. The market capitalization has shrunk to $1.234 trillion, and its control over the alternatives has decreased to 51.2%.
Meme Coins on the Run
The larger cryptocurrencies, excluding Bitcoin, have experienced losses today following several days of price growth. Ethereum, Solana, Binance Coin, Toncoin, Cardano, Tron, Avalanche, and Polkadot are among the coins that have declined in value. Polkadot’s native token, DOT, has seen nearly a 5% drop in price.
Contrarily, PEPE has experienced a significant surge, gaining approximately 16% in the last 24 hours and currently priced above $0.000013. On the other hand, OM and WIF have also seen notable growth with increases of around 14% and 13%, respectively.
The current crypto market capitalization hovers around $2.4 trillion, although it has declined by approximately $50 billion compared to its highest point reached earlier today.
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2024-07-16 11:52