As a seasoned researcher with years of experience in following and analyzing the cryptocurrency market, I have seen countless market corrections and rallies. The current correction is no exception, and it feels like deja vu as we witness another dip in prices.
The value of cryptocurrencies is currently experiencing a downturn as the bulls appear to be pausing after their recent surge over the past few days. This correction has resulted in a decrease in the total market capitalization to approximately $2.45 trillion, representing a loss of around $40 billion within the last 24 hours.
Bitcoin’s price is also declining, alongside most of the altcoins, so let’s have a look.
Bitcoin Price Dips Below $64K
Earlier in the week, the Bitcoin bulls failed to maintain the price above $66K. Subsequently, the bears seized the opportunity and gained dominance.
Sellers are now attempting to drag BTC below $63K, having contributed to a 2% daily decline.
Based on information from CoinGecko, the proportion of the total cryptocurrency market that Bitcoin represents is presently 51.2%. This figure indicates Bitcoin’s dominance in comparison to other digital assets. In the last 24 hours, this percentage has decreased by approximately 0.2%, signifying that altcoins have been performing relatively stronger.
As a seasoned observer of the cryptocurrency market, I have witnessed numerous periods of volatility throughout the years. However, the past week has been particularly noteworthy due to the intense political turmoil unfolding in the United States as we approach the Presidential elections. This tumultuous environment has undeniably impacted the crypto sector, leading to heightened uncertainty and price swings.
Altcoins Also Decline
Most altcoins are experiencing a drop in value, but there are some exceptions. For instance, Solana (SOL), Tron (TRX), and Ton (TON) have been able to maintain some level of growth in spite of the overall market decline.
Some cryptocurrencies like Ripple‘s XRP, Avalanche (AVAX), Cardano (ADA), Uniswap (UNI), Polygon (MATIC), and others are experiencing moderate declines ranging from 3-5%.
Despite the pessimistic outlook, some cryptocurrencies have bucked the trend and experienced growth in the last 24 hours. Mantle has seen a surge of 10%, while WIF has gained 6%.
In contrast, Lido DAO (LDO) and Gala stood out as the poorest performers during that timeframe, each experiencing a significant loss of nearly 7%.
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2024-07-19 11:44