As a seasoned crypto investor who has weathered numerous market cycles and witnessed the rise and fall of countless digital assets, I must admit that this week has been nothing short of exhilarating. The meteoric rise of Bitcoin to nearly $90,000 was breathtaking, even for someone like me who has grown accustomed to such volatility.
Over the past week, Bitcoin‘s astonishing surge pushed its value to an unprecedented peak of $90,000. However, it couldn’t surpass this level and has since retreated by thousands of dollars.
Despite many other digital currencies experiencing a dip, PNUT has made a significant leap, climbing into the top 100 most valued assets following a surge of approximately 200% over just one day.
BTC Fails at $90K
For seven days straight, Bitcoin saw intense trading activity. The momentum began on last Wednesday morning, following Trump’s significant lead in the U.S. presidential elections. As his victory became increasingly certain, Bitcoin broke its previous high from March ($73,737) and soared above $75,000.
The market saw increased volatility over the weekend, largely fueled by the bulls, as the asset soared to reach $80,000. This surge continued on Monday, propelling bitcoin towards nearly $90,000. Initially, it didn’t manage to break through that level, but it tested it twice on the previous day.
As an analyst, I can report that, thus far, the barrier has remained unbreached, with repeated rejections pushing the price of Bitcoin ETFs down by as much as $5,000 at one point. Despite substantial inflows into U.S.-based Bitcoin ETFs, this trend persists.
Currently, Bitcoin is trading approximately at $87,500. The market capitalization of Bitcoin on CoinGecko has dipped slightly below $1.740 trillion, yet its control over the alternative cryptocurrencies has risen significantly, surpassing 57%.
Welcome to Top 100, PNUT
Today’s highest climber is PNUT, a meme coin that’s been generating buzz in the crypto world following some news. Since its debut, it’s soared astronomically and has surged an impressive 220% over the past day. This phenomenal rise has propelled it into the ranks of the top 100 altcoins by market cap, with a current value of approximately $1.3 billion.
Conversely, the majority of alternative cryptocurrencies seem to be slowing down. In the last 24 hours, Ethereum has dropped by 6% and is finding it tough to stay above $3,150. Similarly, Solana (SOL), Binance Coin (BNB), and The Open Network (TON) have seen similar drops. Meanwhile, Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and Terra’s LUNA (LUNA or AVAX) have declined by as much as 14%.
TRX and SUI are the only exceptions from the larger-cap alts that are actually in the green today.
The total crypto market cap has declined by over $100 billion since yesterday’s all-time high of more than $3.1 trillion.
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2024-11-13 13:04