Yesterday, Bitcoin‘s price dipped below $70,000, but managed to bounce back despite ongoing withdrawals from Grayscale’s Bitcoin ETF.
Most altcoins are slightly in the red today, led by losses from TON, NEAR, ARB, FIL, APT, and WIF.
BTC Back to $71K
Around a week ago, the value of the main cryptocurrency took a hit following news that the US administration was considering selling more Bitcoin. At that point, its price had dropped to $64,500.
After a delay of one day, Bitcoin started to bounce back and managed to add roughly $5,000 to $6,000 by the close of the workweek, reaching an approximate value of $69,000 over the weekend.
On Sunday, there was an unsuccessful effort to surpass the $70,000 mark, but this barrier was broken down on Monday as the cryptocurrency reached a new high of over $72,500 within the past few weeks.
Despite its initial momentum, the asset’s progress was halted starting from Tuesday and continued through Wednesday. The significant drop in price occurred following the release of the US Consumer Price Index (CPI) figures for March, causing Bitcoin to fall to a value of $67,500.
Bitcoin’s price surged back up to $71,000 as the bulls regained control, with the cryptocurrency hovering around this level currently. However, its market capitalization has dipped slightly below $1.4 trillion. Despite this, Bitcoin’s dominance over other altcoins remains strong at approximately 50.6% on CoinGecko.
It’s worth noting that Bitcoin’s price continues to hover above $70,000 despite an uptick in outflows from Grayscale’s GBTC trust following a period of stasis.
WIF Keeps Dropping
With Bitcoin’s increasing dominance, many alternative cryptocurrencies have faced losses today. Ethereum, for instance, has dropped approximately 2% and is now priced at $3,520. Among larger-cap alts, TON and NEAR have experienced the most significant declines. However, DOGE, ADA, AVAX, SHIB, BCH, and DOT are also reporting negative gains.
Among the top 100 altcoins, WIF has experienced the greatest value loss. Currently, its price hovers around $3.5, representing a 10% decrease from just a few days ago when it surpassed $4.
The total crypto market cap has lost around $40 billion overnight and is down to $2.750 trillion.
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2024-04-12 11:44