As a researcher with extensive experience in the cryptocurrency market, I’ve seen my fair share of ups and downs in the world of digital assets. This past weekend was no exception, as Bitcoin (BTC) remained range-bound between $66,000 and $66,500, failing to break out of the latter. The altcoins followed suit, turning red on a daily scale, with AVAX, NEAR, and UNI leading the adverse trend.
Over the past weekend, Bitcoin remained relatively stable, fluctuating between the prices of $66,000 and $66,500 without managing to surpass the latter mark.
In simpler terms, AVAX, NEAR, and UNI, among other alternative coins, have followed the downturn on a day-to-day basis, showing a loss in value.
BTC Falls Back to $66K
Last week, Bitcoin, the leading cryptocurrency, made an effort to surpass the significant $70,000 mark at the beginning of the business week following a tranquil weekend. Yet, bears swiftly thwarted this attempt, causing the asset to plummet by approximately $4,000 before crucial economic events: the US Consumer Price Index (CPI) release and the Federal Open Market Committee (FOMC) meeting.
After the inflation figures were released and surpassed predictions, Bitcoin rapidly regained its footing, reaching $70,000 once more. However, the Federal Reserve’s unwillingness to mimic the European Central Bank’s rate reduction actions led to another downturn. This time, Bitcoin dipped down to a monthly low of $65,000.
Despite taking a hit initially, Bitcoin bounced back by weekend reaching over $66,000. It hovered around this level for two days, aiming for $67,000. However, this attempt was unsuccessful and currently, Bitcoin hovers just above $66,000 after experiencing a minor setback.
The market capitalization of this entity stays at a staggering $1.3 trillion, while its supremacy over the alternative cryptocurrencies has grown slightly, now accounting for approximately 51.4% of the total crypto market share on CoinGecko.
Alts Turn Red
The majority of bigger alternative cryptocurrencies have mirrored Bitcoin’s downturn, with the exceptions of Ethereum, Binance Coin, and TON which experienced minimal decreases, around 0.1%. Contrastingly, Dogecoin, Cardano, and Chainlink have seen declines slightly above 1% in value.
The price of DOT has held firm at the $6 support level, whereas other cryptocurrencies like DOGE, AVAX, SHIB, BCH, NEAR, UNI, and IMX have experienced significant declines. The worst performer among larger-cap alternatives is FET, which has shed over 10% of its value and now trades at $1.3.
The coins SOL, XRP, TRX, and KAS have experienced minimal price increases, but the overall cryptocurrency market cap has witnessed a loss of over $30 billion within a single day.
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2024-06-17 11:50