As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I can’t help but feel a rollercoaster of emotions every time Bitcoin takes another dive below $60K. It’s like watching the stock market during a global pandemic – unpredictable and exhilarating all at once.
The price of Bitcoin approached a fresh local high of more than $61,000, but it suddenly slowed down and dipped around $2,000 lower instead.
Most larger-cap alts are also in the red today, with SOL and TON dropping by more than 3%.
BTC Back Below $60K
Last Friday, the head of the U.S. Federal Reserve, Jerome Powell, suggested that it was appropriate for the central bank to lower interest rates, following the lead of its European, Canadian, and British counterparts. Additionally, Robert F. Kennedy (RFK) dropping out of the presidential race and expressing support for Trump led to a surge in bitcoin’s value from approximately $60,000 to over $64,000 on Saturday.
On Monday, following a rather quiet weekend for cryptocurrency, it launched an attack and reached a new high in the past three weeks, surpassing $65,100. Yet, it couldn’t sustain this momentum and dipped back down to around $63,000 on Tuesday.
At that point, the bears significantly increased their pace and drove Bitcoin down sharply. Within just a few hours, its value dropped to $58,100 and eventually reached a low not seen in several weeks on Bitstamp, at $57,900.
On Thursday, Bitcoin experienced a resurgence and reached approximately 61,200, yet this surge was brief and it quickly fell back to around $58,800. Although it has managed to regain some ground since then, it remains significantly below the $60,000 mark. Its market capitalization currently hovers just under $1.175 trillion, while its control over alternative cryptocurrencies has increased to 53.8% on CoinGecko.
FLOKI Dumps Hard
The majority of larger alternative cryptocurrencies are experiencing losses today. For instance, ETH, BNB, and AVAX have dropped by 1%, while XRP has decreased by 1.6%. The declines are more severe for SOL (-4%) and TON (-3%). On the other hand, TRX, DOGE, and DOT have seen minor increases with no significant gains.
Nevertheless, it’s worth noting that among the top 100 altcoins, FLOKI experienced the most significant decline. Over the past day, its value dropped by nearly 20%, currently sitting at $0.0001275.
The cumulative market cap of all crypto assets has shed about $20 billion since yesterday and is down to $2.180 trillion on CG.
Read More
- Finding Resources in Palworld: Tips from the Community
- UFO PREDICTION. UFO cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- AAVE PREDICTION. AAVE cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- Skull and Bones: Gamers’ Frustrations with Ubisoft’s Premium Content Delivery
- Celebrating Hu Tao’s Birthday in Genshin Impact
- Abiotic Factor: Players Discuss the Need for Quick Character Adjustments in-game
- Last Epoch: Why Keystroke Registration Issues Are Frustrating Players
2024-08-30 11:58