As a seasoned researcher with over two decades of market analysis under my belt, I must admit that the crypto market never ceases to surprise me. The rollercoaster ride we witnessed with Bitcoin over the past few days is a perfect example of this. I remember when BTC was trading at mere pennies, and now here it stands above $60,000 – such a drastic change!
Late last night, Bitcoin‘s value experienced another dip, but it has since regained much of its loss and is currently sitting comfortably above the $60,000 mark.
On a day-to-day basis, many alternative coins (altcoins) are showing modest gains. For instance, Ripple (XRP) is up by 2%, but Binance Coin (BNB) is experiencing a 2% decrease.
BTC Bounces Above $60K
It seems clear that Uptober hasn’t provided the anticipated profits up until now. At the onset of this week, Bitcoin spiked above $64,400, creating an optimistic outlook. Yet, this surge was brief, and the asset began to depreciate almost instantly.
By Wednesday, it had decreased to $62,000, but the downward trend continued as bears applied more pressure. On Thursday morning, it dropped further to $60,400. The situation worsened in the evening when bitcoin plummeted a few thousand dollars more, reaching a low not seen for several weeks of $58,800. As previously reported, this sudden drop triggered around $250 million in liquidations on a daily basis.
Despite earlier setbacks, the bulls eventually took charge and prevented any more declines. In fact, Bitcoin has rallied approximately $2,000 since then, currently trading at roughly $60,700.
Nonetheless, it has dropped more than 1% in the last week, causing its total value to reach nearly $1.2 trillion. Furthermore, its supremacy against the alternatives has weakened and currently stands at 53.9%, according to CoinMarketCap.
UNI on the Rise
Yesterday saw similar highs and lows for many alternative cryptocurrencies, but on a larger scale, they’ve settled down. For instance, ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have shown small increases over the last 24 hours, whereas BNB, TRX, and SHIB are slightly in a negative position.
Today, UNI and IMX are standing out as the top gainers among larger-cap alternatives, registering approximately 4% increases. Notably, UNI’s price surge has significantly increased over the past week, boasting a 20% rise since last Friday.
As a researcher examining the cryptocurrency market, I’ve observed a slight dip in the total market capitalization from the previous day, now standing at approximately $2.220 trillion.
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2024-10-11 11:46