As a seasoned cryptocurrency analyst with over a decade of experience in the financial markets, I’ve witnessed numerous market corrections and volatility throughout my career. The recent price action of Bitcoin (BTC) and Ethereum (ETH), along with other major altcoins, has been particularly noteworthy.
In the last 12 hours or so, the price of the top digital currency experienced a significant drop. Initially, it fell from $67,000 to $65,500. Subsequently, another downturn caused its value to reach a weekly low below $64,000.
The cryptocurrencies other than Bitcoin are experiencing significant declines as well. Notable losses have been incurred by Ethereum, Dogecoin, Toncoin, Avalanche, Chainlink, and numerous others.
BTC Slipped Below $64K
Since the turbulent conclusion to last week’s business events that saw Bitcoin plummeting to $63,000, the cryptocurrency has rebounded strongly and reached new heights above $68,400 for the first time in over a month following President Joe Biden’s decision not to run for re-election in 2024.
As a researcher studying the cryptocurrency market, I observed that bitcoin experienced increased volatility but mostly hovered around $67,000 without significantly threatening the desirable $70,000 mark. Yesterday, the digital currency opened on an optimistic note, maintaining its position above $67,000.
Despite the minor inflows into Bitcoin ETFs, the bears took charge and pushed the asset’s price down to $65,000 initially, then even lower to under $64,000 – its lowest point since last Friday.
Currently, Bitcoin hovers just above the $64,000 mark, yet its market capitalization has dipped below $1.27 trillion. Nevertheless, Bitcoin’s control over the altcoins exceeds 52%.
ETH on a Way South
Following a strong first day, Ethereum ETFs experienced significant withdrawals on the second day, primarily from Grayscale’s fund. Consequently, the value of the underlying asset saw an immediate decline, dropping by approximately 10% at its lowest point to reach a multi-day low under $3,150.
The larger-cap alternative cryptocurrencies, aside from XRP and TRX, are struggling and are currently showing significant losses. Specifically, DOGE, SOL, BNB, TON, ADA, SHIB, LINK, DOT, and AVAX have all declined in value.
As a crypto investor, I’ve noticed that many lower- and mid-cap altcoins have suffered significant losses today. Consequently, the total crypto market capitalization has taken a hit, shedding approximately $100 billion since yesterday. Currently, the market cap stands at around $2.420 trillion on CoinGecko.
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2024-07-25 12:11