As an experienced analyst, I’ve seen my fair share of market volatility and trends in the crypto industry. And it’s disheartening to see history repeating itself once again, with bitcoin and the rest of the market taking a hard hit last Friday.
In the crypto sector lately, history seems to be repeating rather than rhyming.
As a crypto investor, I observed a significant decline in the value of bitcoin and other cryptocurrencies during the late hours of trading on Friday. This downturn mirrored the market behavior we experienced previously.
BTC’s Friday Drop
Last Friday, I observed the primary cryptocurrency approaching a new peak at $69,000. However, it failed to hold this level and retreated, dropping more than $2,000 in the process. The weekend saw minimal activity as the asset regained some ground, settling around $67,500.
On Monday, Bitcoin experienced significant growth, momentarily surpassing the $70,000 mark. Although it initially fell short, it regained momentum and surpassed that threshold on Tuesday. Subsequently, it remained above this level for several consecutive days, ultimately reaching a peak of around $72,000 by the end of the week.
Despite the earlier discussion, the pattern from last Friday recurred, with bitcoin reaching a roadblock at $72,000. The bears took control, pushing the cryptocurrency down to a recent low of $68,500. Currently, it hovers above $69,000 but remains 2.7% lower compared to the day’s opening price.
The market value of Bitcoin (BTC) has dropped to $1.366 trillion, yet its control over the altcoins (alternative cryptocurrencies) has expanded to 50.8%, with the latter experiencing more significant declines.
Alts See Red
The situation with altcoins is less favorable than previously indicated. For instance, Ethereum has experienced a decline of approximately 3.5% and is now trading below $3,700. BNB, on the other hand, has gone from over $710 to under $690, representing a decrease of around 2%. Lastly, Solana has seen a significant drop, nearly 6%, causing its price to fall as well.
These coins, including Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC, have resulted in additional losses with decreases of -8.5%, -7%, -7%, -8%, -8%, -7%, and -8% respectively.
FIL is the only notable gainer, while WIF, ARB, and FET have dumped by double digits.
As a researcher studying the cryptocurrency market, I’ve observed that over $80 billion in total market capitalization has been wiped out since yesterday’s peak. Consequently, the market cap now hovers around $2.7 trillion on CoinGecko.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- FIO PREDICTION. FIO cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- WALV PREDICTION. WALV cryptocurrency
- Below Deck Mediterranean Recap: Family Feud
- Spotting Strikepack Users in Apex Legends: Community Insights
- EUR RUB PREDICTION
- Boon Icon Artwork in Hades: Players Debate the Evolution of Design
2024-06-08 10:08