As a researcher with a background in cryptocurrencies and finance, I’ve witnessed the rollercoaster ride that is the crypto market over the past few days. The volatility of bitcoin has been particularly noteworthy, as it swung from gains above $60,000 to a two-month low of $56,500 in just a matter of days. This price action was driven by a combination of factors, including outflows from US ETFs and the disappointing debut of Hong Kong-based Bitcoin futures contracts.
After a few days of steep decline, bitcoin‘s price surged approximately $2,000 following the Federal Reserve’s decision not to raise interest rates. However, it then plummeted once more.
These alternative coins are experiencing significant improvements today, with Solana, Ripple, Polkadot, ICP, and PEPE among those posting noteworthy increases in value.
Bitcoin’s Volatility Continues
I recently observed that Bitcoin, the leading cryptocurrency, had been steadily trading above $60,000 just a few days ago. In fact, it was making a strong push towards the $65,000 mark during the early Asian trading hours on April 30th.
Despite not reaching that mark, its value began to decline steadily due to significant withdrawals from US ETFs and underperforming new Hong Kong-based ones. The situation deteriorated on Wednesday when bitcoin dropped to a two-month low of $56,500, resulting in over $500 million in liquidations.
I found myself closely watching the US Federal Reserve, along with many others, as we all waited for their decision on interest rates. When the Fed announced that no rate hike was imminent, the price of Bitcoin surged by two thousand dollars and approached the $60,000 mark.
I’ve observed that despite making some progress and recovering from a setback, Bitcoin (BTC) failed to sustain its upward trend and has since retreated back to around $58,000. The total market capitalization of BTC now hovers around the $1.140 trillion mark. However, this dip has significantly impacted Bitcoin’s dominance in the crypto market. Currently, it holds a 50% share, a notable decrease from its previous position.
Relief for Altcoins
In recent days, alternative cryptocurrencies faced similar or even greater setbacks compared to Bitcoin. However, many of these coins have since bounced back with noteworthy price increases.
Solana stands out as one of the top gainers on a day-to-day basis. The price of its native token, SOL, has risen by 11.5% and now hovers above $130. PEPE has experienced a significant surge of 16%. Furthermore, Shiba Inu (SHIB), Polkadot (DOT), Cardano (ADA), Ripple (XRP), Avalanche (AVAX), Matic Network (MATIC), and ICP have also seen impressive gains, ranging from 6% to 12%.
The cryptocurrency market’s total value has bounced back by approximately $50 billion since its previous low, bringing it close to $2.3 trillion on CoinGecko once more.
Read More
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PENDLE PREDICTION. PENDLE cryptocurrency
- TANK PREDICTION. TANK cryptocurrency
- USD DKK PREDICTION
- IMX PREDICTION. IMX cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- W PREDICTION. W cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
2024-05-02 11:56