As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of price swings and market volatility. Yesterday was a classic example of the rollercoaster ride that comes with investing in cryptocurrencies. Bitcoin’s brief foray above $64,500 was an exciting moment for bulls, but the subsequent retracement was a sobering reminder that profits can be fleeting in this market.
The price of Bitcoin reached a high of $64,500 for several days in a row before experiencing a decline of more than $1,000 since then.
As a researcher examining the cryptocurrency market, I’ve observed that the larger altcoins have experienced minor losses on a daily basis, with TON, ADA, and SHIB specifically decreasing by approximately 2-4%.
BTC Stopped at $64.5K
In early May, the price of bitcoin gave bitcoin investors quite a jolt as the cryptocurrency took a sharp downturn following its inability to surpass the $65,000 mark the previous day. The significant correction resulted in bitcoin reaching its lowest point in over two months, with a price of $56,500.
The Federal Reserve’s decision not to increase interest rates any higher led to increased market instability, causing Bitcoin’s value to fluctuate dramatically by $2,000 within minutes on a Wednesday afternoon. However, following this volatility, Bitcoin gradually regained ground and reached a high of $59,000 by Friday.
As a crypto investor, I’ve noticed the bullish momentum continuing, pushing the asset price up and over the $62,000 mark. Yesterday saw another significant surge, reaching a new multi-day peak at $64,500.
Bitcoin was unable to surpass that mark and has since dropped by over a thousand dollars, now trading above $63,000. Despite this setback, its supremacy among altcoins is approaching 51%. However, its market capitalization on CoinGecko has decreased to $1.244 trillion.
DOGE Keeps Rising
As a researcher studying the cryptocurrency market, I’ve observed some notable movements over the past day. Specifically, Dogecoin, which currently holds the title of the largest meme coin, has shown impressive growth. Its value has surged by an additional 6% within the last 24 hours, reaching a new trading price of $0.16.
Among the top 36 altcoins, RNDR stands out as another significant gainer, surging to a price of $9 following a noteworthy 8.5% daily growth. Additionally, AVAX, LINK, and NEAR have also experienced price increases, moving in a positive direction.
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As a crypto investor, I’ve noticed that the total market capitalization of cryptocurrencies has taken a hit, dropping approximately $40 billion since the peak we reached yesterday. Now, it stands at around $2.450 trillion according to CoinMarketCap.
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2024-05-05 09:14