As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of price swings and market downturns. However, the recent events have left me feeling a tad uneasy. Bitcoin’s price recovery attempts from last week have come to a halt, and the asset dipped to $62,400 earlier today before bouncing back to around $63,000 as of now.
The price bounce-back of Bitcoin following its recent business week downturn has ceased, with the cryptocurrency dipping to approximately $62,400 earlier today, and currently rebounding slightly to hover around $63,000.
As a researcher studying the cryptocurrency market, I’ve observed that the altcoins are currently facing similar challenges. The majority of the market has taken a turn for the worse today. Over the past two days, the total crypto market capitalization has experienced a significant decline, amounting to a loss of approximately $150 billion.
BTC Dumps to $63K
The price behavior of Bitcoin prior to and following its fourth halving, which occurred last week, has been relatively unimpressive. After a slight rebound due to geopolitical tensions between Iran and Israel, Bitcoin hovered above $65,000 – a level it reached immediately after the block rewards were decreased.
I observed an uptrend in its price and approached the $67,000 mark several times during the subsequent days. However, my progress was impeded by persistent ETF withdrawals that hindered my advancement.
As a researcher studying the cryptocurrency market, I’ve noticed a troubling trend with Bitcoin (BTC) over the past few days. Instead of holding steady or gaining value, BTC has experienced a rapid decline in price. This downward spiral reached a significant low today, with BTC dipping to $62,400 – its lowest point in several days.
As a researcher studying the cryptocurrency market, I’ve noticed that despite regaining some lost ground, bitcoin’s struggle to surpass the $63,000 mark remains an uphill battle. The digital currency’s market capitalization on CoinGecko now hovers around $1.240 trillion. Additionally, its control over the altcoins in terms of dominance has stayed put at below the 51% threshold.
Alts Turn Red
The market for alternative cryptocurrencies is experiencing significant turbulence currently. Among the larger-cap altcoins, Solana has undergone the most dramatic price drop, plunging by more than 5% within a day and now hovering around $140. Similar declines are observed in Dogecoin (-3.5%), Cardano (-3.2%), Avalanche (-3.6%), Shiba Inu (-3.1%), and Polkadot (-2.75%).
The prices of Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Ton (TON) are all experiencing losses, but TON’s native token is one of the rare alternatives displaying a gain today, amounting to approximately 3%.
Despite the fact that many smaller and medium-sized cryptocurrencies experienced substantial declines over the past day, the overall crypto market capitalization has decreased by approximately $50 billion overnight and $150 billion since Thursday. Consequently, the total market cap is currently below $2.450 trillion on CoinGecko.
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2024-04-27 11:04