As a researcher with extensive experience in the cryptocurrency market, I’ve witnessed Bitcoin’s (BTC) volatile price action over the past week. After hitting a multi-month low of around $54,000 on July 5, BTC managed to recover and reached a peak of $59,500, only to be halted at the $60,000 resistance level.
The upward trend of Bitcoin‘s price approaching $60,000 has been momentarily paused, causing the asset to dip back down to around $58,100 following a small price correction over the last 24 hours.
Among larger-cap altcoins, Stacks has taken the lead with a impressive gain of 14%. Following closely behind is LDO, which experienced a noteworthy rise of 7% daily.
BTC Stopped at $59K
Around July 5, which is barely a week ago, the value of the leading cryptocurrency took a significant hit, dropping below $54,000 – a level not seen in several months. This downturn can be attributed to heightened selling pressure from Mt. Gox Bitcoin distributions and the German government regularly offloading some of its seized Bitcoins.
At that stage, the bulls managed to halt the downward trend and initiated a rally that pushed bitcoin above $58,000 within the following few days. A brief dip occurred prior to its latest surge on the previous day.
The price reached a high of $59,500 over the course of several days, but the bulls’ attempts to push past $60,000 were thwarted by the bears, preventing any additional advancement.
Instead of “Just the opposite, BTC retraced by roughly two grand in hours,” you could say “BTC experienced a significant drop of around two thousand dollars within an hourly timeframe.” And instead of “On a daily scale, BTC is slightly in the green, even though it trades only inches above $58,000,” you could paraphrase as “Despite being just above the $58,000 mark on a day-to-day basis, Bitcoin has managed to eke out small gains.”
I’ve observed a significant decrease in the market capitalization of this asset, which now hovers around the $1.150 trillion mark. Meanwhile, its supremacy over the alternatives has dipped slightly to approximately 50.9%, according to CoinGecko’s data.
STX Rises
As a researcher studying the cryptocurrency market, I’ve observed that altcoins have been relatively stagnant on a daily basis. Specifically, Ethereum is down by around 0.5%, trading at a price of $3,120. Binance Coin has also seen a slight decrease of approximately 0.5%, currently priced at $528. On the other hand, Solana and Dogecoin have experienced declines of more than 1%. The former is now priced at $142, while the latter is at around $0.11.
Among the larger-crypto alternatives, Chainlink experienced the greatest price decrease (-3.7%), now hovering around $13. On the other hand, Avalanche posted a significant increase of 3%, currently trading above $25.
Today, Stacks stands out as the leading gainer among assets, experiencing a significant surge of 14% within a single day. Currently, its value hovers around $1.7 in trading markets. In tandem, LDO also demonstrates impressive growth with a 7% increase.
The total crypto market cap is slightly in the red, currently sitting at $2.250 trillion on CG.
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2024-07-11 11:56