As a researcher with extensive experience in the cryptocurrency market, I’ve witnessed the rollercoaster ride that is Bitcoin and the altcoin prices over the past few days. The initial price surge at the start of the week was short-lived, as both Bitcoin and many altcoins have taken a nosedive since then.
Bitcoin experienced gains at the beginning of the business week, but these increases proved temporary. Since then, the value of the asset has dropped by more than $3,000, leaving it fighting to stay above the $62,000 mark.
The condition of altcoins is equally poor, as demonstrated by DOGE, SOL, and AVAX experiencing declines of over 5% within the last 24 hours.
BTC Drops Toward $62K
As a crypto investor, I’ve experienced a tumultuous beginning to May for Bitcoin. The downward spiral reached its lowest point last Wednesday, with the price plummeting to a two-month low of $56,500. However, uncertainty heightened when the US Fed announced they wouldn’t be raising interest rates, leading to further volatility. Nonetheless, the path to recovery began towards the end of the week.
As a crypto investor, I’ve witnessed an exciting week for Bitcoin. It surged to reach $59,500 before embarking on another robust upward trend, propelling it beyond $60,000 and $62,000 by Saturday. The momentum continued into Sunday, with Bitcoin coming close to touching the significant milestone of $65,000.
At the beginning, the cryptocurrency was halted at that point, but by Monday morning, it surged past that level and reached a new high of $65,500, marking a 12-day peak. However, it couldn’t sustain its upward trend and began to plummet in value rapidly.
The price decreased to $63,000 following this event, then briefly rebounded before dropping again to around $62,000 in the recent hours. Its market capitalization on CoinGecko now stands at approximately $1.220 trillion. Despite this, its supremacy over the altcoins has grown to nearly 51%.
Alts Back in Red
The majority of larger-cap alternative coins have experienced daily price decreases, causing their values to dip. For example, Ethereum now hovers around $3,000 following a 3% decrease. Binance Coin has dropped to approximately $580, while ADA is down to about $0.44. XRP is on the verge of falling below $0.5.
As a researcher studying the cryptocurrency market, I’ve experienced some disheartening setbacks with coins like Dogecoin, Avalanche, and Solana. In just one day, their values have dropped by approximately 5-7%.
As a researcher examining the performance of lower- and mid-cap alternatives, I’ve noticed that certain stocks have experienced significant downturns. Specifically, WIF has decreased by 11%, ZBC by 7.5%, JUP by 7.5%, SUI by 7%, and FLOKI by 7%. These stocks are currently following a similar negative trend.
As a crypto investor, I’ve noticed that the total value of all cryptocurrencies has taken a hit, dropping to around $2.4 trillion. That’s a decrease of approximately $100 billion in just one day and over $150 billion since the peak on Monday.
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2024-05-08 11:26