The price action of Bitcoin has been lackluster recently, with the digital currency falling short of breaking the $64,000 threshold and instead hovering around that amount.
Many alternative cryptocurrencies, including Ada and Bitcoin Cash, experienced minimal declines, while Near and Pepe saw the greatest increases in value.
Bitcoin’s Uncertainty Continues
Last weekend saw a tumultuous drop in the value of the leading cryptocurrency. On Friday night, it plunged by nearly $6,000 to around $65,000. The next day, another decline pushed its price down further to slightly over $61,000. These significant drops were attributed to external factors such as the US Federal Reserve’s latest statements and Iran’s response to Israel’s actions.
On Sundays and Mondays, Bitcoin regained some lost ground, reaching approximately $67,000. Yet, this upward trend proved temporary as Bitcoin began to slide in value almost right away.
Since then, its momentum has stalled and it has fallen below the $64,000 mark once more following a failed effort to surpass this level. Its market value currently hovers at around $1.25 trillion. Despite this, Bitcoin still maintains a commanding presence in the cryptocurrency scene with a market share of over 51.5% on CoinGecko.
The upcoming fourth bitcoin halving, which is often seen as a trigger for price growth, is approaching in a few days. It will be intriguing to observe Bitcoin’s behavior during the next few days prior to the event.
NEAR, PEPE Stand Alone
Many alternative coins experienced significant declines over the weekend, resulting in double-digit drops for most of them on both days. Despite some recent recovery, the outlook remains uncertain and bleak.
These cryptocurrencies – ETH, BNB, ADA, AVAX, BCH, DOT, and LINK – continue to show red figures in comparison to their larger counterparts. On the other hand, SOL, XRP, TON, DOGE, and SHIB have generated minimal positive returns.
Significant price surges originated from NEAR Protocol’s native token and the well-known meme coin, PEPE. A rise of around 6% occurred for the former within a day, and PEPE experienced an increase of approximately 5%.
The overall value of the cryptocurrency market is rather unstable and is not far from dropping beneath $2.4 trillion according to CoinMarketCap.
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2024-04-17 12:08