Yesterday, Bitcoin experienced a significant rebound and reached a peak price of $67,000. However, the market situation took a turn for the worse, leading to a sharp decline in value today.
Most altcoins have followed suit with massive price declines, led by SOL, TON, BCH, and others.
Bitcoin’s Struggles Continue
In simpler terms, Bitcoin experienced a significant decline in value after being worth over $70,000 on Friday morning. This downturn was triggered by the Federal Reserve’s updates about their interest rate plans announced later that day.
On Saturday morning, Bitcoin’s price dipped to $65,000 before bouncing back by approximately $2,000. However, this improvement was short-lived as events took a turn for the worse when Iran retaliated against Israel that same evening, causing another steep decline in Bitcoin’s value.
Bitcoin reached a recent low of approximately $61,000 over the past few weeks. However, it rebounded on both Sunday and Monday, surging back up to around $67,000.
Despite being so close to the halving event, bears appear to be dominating the market once again. They drove Bitcoin’s price down to nearly $62,000 earlier today. However, since then, the cryptocurrency has rebounded by over $1,000. Nevertheless, Bitcoin is still experiencing a 4% decrease in value over the past 24 hours.
The market capitalization of this company has dropped approximately $50 billion, bringing it down to around $1.25 trillion. Its control over the altcoins on CoinGecko is currently at 51.5%.
Alts Suffer More
Over the weekend, the market correction took a toll on altcoins, causing them to suffer more than the major cryptocurrencies. Yesterday, Ethereum reached a price of $3,300, but since then it has declined by 4%, dropping back down to $3,100. Binance Coin, Ripple, Dogecoin, Cardano, Tron, and Polygon have all experienced similar losses.
In simpler terms, among the larger-cap altcoins, Solana (SOL) experienced a loss of 11%, Tonkean Token (TON) had a decrease of 10%, Bitcoin Cash (BCH) lost 12.5%, Near Protocol (NEAR) saw a drop of 10%, and Internet Computer Protocol (ICP) suffered an 8% setback.
Among lower- and mid-cap alternatives, the majority are experiencing similar conditions. However, an exception to this trend is OKB, the native token of OKX. This token has seen a gain of 6.5% and is now hovering around the price mark of $60.
In simpler terms, the combined value of all cryptocurrencies has dropped by $100 billion since yesterday, now standing at approximately $2.430 trillion.
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2024-04-16 11:10