As a seasoned researcher with years of experience in the cryptocurrency market, I have seen enough rollercoasters to last a lifetime. Yesterday was no exception as Bitcoin surged to a multi-month peak, only to dump and then calm down again. It’s like watching a game of tug-of-war between the bulls and the bears.
Yesterday, Bitcoin experienced a wild ride, reaching a high not seen for several months at approximately $68,000, then dropping significantly to roughly $67,000, and finally leveling off.
Today, Litecoin and Dogecoin are leading the pack among larger altcoins, experiencing approximately a 6% increase each.
BTC’s Peak, Retracement, Calmness
Last Thursday saw a dismal picture in the crypto world as Bitcoin plummeted sharply to around $59,000, marking a monthly low. Yet, the bulls stepped in to halt this slide, enabling Bitcoin to nearly regain all its lost value by the end of the weekend.
Over the weekend, Bitcoin hovered near $63,000. However, it took an aggressive stance from Monday through Tuesday, eventually reaching a peak of $68,000 on Wednesday, resulting in approximately $250 million worth of liquidations.
Initially, the asset struggled to hold its position and dropped approximately $3,000 within a short period. But the buyers managed to regain control, and Bitcoin is now trading over $67,000, representing a 2% increase in the last day.
The surge in this rally, driven primarily by increasing interest in spot Bitcoin Exchange-Traded Funds (ETFs), has propelled bitcoin’s total market value close to a staggering $1.330 trillion. Moreover, the control it exerts over alternative cryptocurrencies (alts) has climbed to an impressive 55%, as per CG data.
DOGE, LTC Jump
Yesterday, many alternative cryptocurrencies experienced significant increases, mirroring Bitcoin’s ups and downs. However, when viewed over a 24-hour period, the crypto market appears more tranquil.
In simpler terms, Ethereum, Binance Coin, Solana, Ripple, and Tron have seen either no significant increase or small decreases in their value over a specific period. On the other hand, Dogecoin has experienced a surge of over 6% during that timeframe and is currently trading above $0.124.
Today, Litecoin’s price increase matches its previous rise, placing it over $70 per coin. While this is happening, the overall crypto market value has grown by approximately $30 billion since yesterday and an impressive $130 billion in just the last two days. On CoinGecko, the total market cap now exceeds $2.4 trillion.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- NUUM PREDICTION. NUUM cryptocurrency
- Top Gift Ideas for Your League of Legends-Obsessed BF on a Budget
- CGO PREDICTION. CGO cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- Rob2628: The Best Builds to Play in Season 5 Diablo 4
- PRCL PREDICTION. PRCL cryptocurrency
- RVN PREDICTION. RVN cryptocurrency
- EUR INR PREDICTION
2024-10-16 11:54