As an experienced analyst, I’ve witnessed numerous market swings throughout my career. The recent volatility in the cryptocurrency market, particularly Bitcoin (BTC) and alternative coins (alts), has been quite intriguing.
Bitcoin reached a peak of around $70,000 early in the week but has since failed to regain its bullish trajectory. It even slid down to nearly $67,000 the day before.
The alternative coins are also in retreat, with SHIB, DOT, DOGE, PEPE, and WIF losing substantial percentages of their USD value overnight.
BTC Shaky at $68K
Last week’s announcement about an Ethereum ETF propelled the leading cryptocurrency on a rollercoaster journey, reaching a peak of nearly $72,000, only to experience a sharp reversal and plunge down to $66,400 within a few days.
After receiving approval for those financial products on Thursday, Bitcoin began to regain some value and settled around $69,000 over the weekend.
On Monday, the bulls set the tone for an encouraging day as bitcoin surged past $70,500, marking a new multi-day high. Yet, the momentum shifted unexpectedly, and bitcoin plummeted in a short time, dipping below $67,500.
As a researcher studying the cryptocurrency market, I observed yet another price swing that resulted in Bitcoin (BTC) reaching a new low of $67,200 late last night. Despite efforts to regain lost ground, BTC remains significantly below its previous position above $68,000 and is currently struggling to rebound.
As a market analyst, I’ve observed that Bitcoin’s market capitalization has decreased to an approximate value of $1.330 trillion. Simultaneously, Bitcoin’s dominance over the alternative cryptocurrencies (altcoins) has experienced a noteworthy increase of approximately 0.5% in the past day, reaching a current level of around 50.2%.
PEPE, WIF on the Decline
A few days ago, it was announced that the top-performing assets hailed from the meme coin sector – PEPE and WIF. PEPE continued its upward trend, reaching another record high, while WIF experienced a significant surge of over ten percent.
The current landscape of the crypto market undergoes a significant shift as PEPE experiences a steep 14% decline within a day, while WIF suffers a loss over 11%. Several other major altcoins also face substantial losses: SHIB (-7%), DOT (-5%), DOGE (-4.5%), SOL (-3%), and NEAR (-4.5%).
Binance Coin lost the $600 level after a 1% daily decline, while ETH has slipped by 2% to $3,750.
As an analyst, I’ve noticed a significant drop in the total cryptocurrency market capitalization. Overnight, we’ve witnessed a loss of approximately $60 billion, bringing the current market cap down to around $2.65 trillion according to CoinMarketCap.
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2024-05-30 11:14