Bitcoin’s price took a bearish turn again, dropping to $62,300 last week but recovered to around $64,000 since then. The altcoins, including Ethereum and Solana, also saw gains, with ETH trading above $3,300 and SOL at $143.
The price trend of Bitcoin displayed a bearish pattern over the last few days, causing it to dip down to $62,300 on yesterday’s trading. However, it has since bounced back and recovered nearly $2,000 in value.
Today, altcoins have joined the rally as Ethereum surpasses $3,300 and Solana recaptures the $140 mark.
BTC Challenges $64K
I’ve recently lived through an intriguing turn of events in the crypto world. Only a week ago, Bitcoin underwent its fourth halving, reducing the block rewards for miners by half. Amidst this change, the asset’s price saw significant volatility due to heightened geopolitical tensions between Iran and Israel.
Last weekend, after experiencing a significant decline to around $59,500, the cryptocurrency rebounded by over $5,000, surpassing the $65,000 mark. During the early days of the business week, it continued to rise and hit prices above $67,000 on multiple occasions.
Despite the initial upward trend, the bears swiftly took over, causing a reversal of direction. On Wednesday, bitcoin plummeted to hit a low of $62,800. However, it managed to rebound slightly on Thursday, reaching $65,000 before succumbing once more to the downward pressure, sinking to $62,400 on Saturday.
As a crypto investor, I’ve noticed that despite some bearish moments, the bulls have regained control and pushed Bitcoin’s price up to around $64,000. The market capitalization of Bitcoin has approached an impressive $1.26 trillion. However, its supremacy over the altcoins has dipped slightly, now sitting at 50.1%.
Alts See Green
The dropping bitcoin supremacy indicator signifies that most alternative cryptocurrencies have surpassed the leading digital currency in recent performance. For instance, Ethereum stands out with a 6% surge over the last 24 hours and a current value above $3,300. Solana and Toncoin exhibit comparable growth, reaching prices of $143 and $5.5, respectively.
Further daily increases are evident from MATIC, NEAR, ICP, ETC, ARB, IMX, and MKR.
The cryptocurrency market’s total value, which dropped by more than $150 billion in a few short days leading up to Saturday, has since rebounded and surpassed $2.5 trillion, adding approximately $60 billion in value overnight.
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2024-04-28 11:34