As a researcher with extensive experience in the cryptocurrency market, I have witnessed firsthand the volatile nature of Bitcoin’s price movements. Yesterday was no exception, as we saw significant volatility earlier in the day and later on, with Bitcoin calming down around $62,000 before the highly anticipated US CPI numbers were released.
Yesterday, Bitcoin‘s value experienced increased fluctuations in the early hours and late in the day. However, the cryptocurrency has stabilized around $62,000 before the release of the upcoming US Consumer Price Index (CPI) figures.
I’ve noticed that most altcoins have seen their values decrease recently. Ethereum, for instance, is down to around $2,900, while Binance Coin has lost over 3% of its worth.
BTC Calms at $62K
Last week, I witnessed an exhilarating rise in the value of my primary cryptocurrency investment, pushing it close to the $64,000 mark on Friday. However, the elation was short-lived as a sudden and harsh correction ensued, causing the asset’s value to plummet by over $3,000 in no time. Consequently, I saw my investment settle at $60,150 by the close of the day.
The bulls successfully thwarted the decline in price and prevented Bitcoin from falling below $60,000. Instead, Bitcoin regained some lost ground during the weekend, hovering around $61,000. On Monday, Bitcoin experienced a more significant surge, pushing its price above $63,400.
Despite holding onto gains initially, the cryptocurrency encountered setbacks and retreated to around $61,200 due to some complications with Coinbase. The market saw further turbulence throughout the day, but Bitcoin has since risen slightly above $62,000. Additional price swings are anticipated later today as the highly anticipated US Consumer Price Index (CPI) figures for April are set to be released imminently.
Currently, Bitcoin’s market capitalization is approximately $1.220 trillion, and its control over the altcoins has grown to 51.4% in terms of market share.
FLOKI Keeps Pumping
Yesterday saw significant gains for several meme coins, with some landscapes even improving further. Among the top 100 cryptocurrencies, FLOKI was the standout performer, surging approximately 14%. Consequently, its current trading price is at $0.00022.
Within the given timeframe, Pepe and AR experienced a decrease in value by 5% and 6%, respectively. On the other hand, WLD, ENA, TIA, WIF, and STX suffered significant losses with values dropping by 8%, 8%, 7%, 5%, and 5%, respectively.
Among the alternative coins (altcoins), such as Binance Coin (BNB), Dogecoin (DOGE), Cardano (ADA), Solana (SOL), and Avalanche (AVAX), these five have experienced the most significant decreases in value compared to larger-cap alternatives. Additionally, Ethereum (ETH) is approaching a potential break below $2,900 after another minor correction.
The cryptocurrency market capitalization has stayed relatively stable, hovering around $2.4 trillion, which is only a slight change from the day before.
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2024-05-15 11:54