As a seasoned analyst with extensive experience in the cryptocurrency market, I’ve seen my fair share of price fluctuations and volatility. Bitcoin’s latest price action has been no exception, with the asset reaching a high of $70,200 before being violently rejected and plummeting to around $69,000. This behavior is not uncommon in the crypto market, and it’s essential for investors to remain cautious and adaptable.
In the last 24 hours, Bitcoin‘s value experienced increased instability, reaching a peak of $70,200 before getting harshly rejected and falling back to $69,000.
The altcoins are mostly in the red, while KAS skyrocketed by 19% and now trades close to $0.18
BTC Shaky at $69K
Last week, Bitcoin made several attempts to surpass the $69,000 mark as the week came to an end. However, its progress was halted by bearish forces, causing the price to drop down to $66,600 – a level not seen for several days.
At last, the bulls took charge and prevented any more price drops. Instead, Bitcoin rebounded and mainly hovered over the weekend between $67,500 and $68,500.
Beginning on Monday, Bitcoin experienced a significant surge, pushing its price past $70,200 for the first time in approximately a week. Yet, reminiscent of the past occasion, Bitcoin encountered resistance and retreated roughly $1,900.
After that point, the value of the cryptocurrency hovered around $69,000. The market capitalization of this digital asset exceeds $1.36 trillion, while its control over alternative cryptocurrencies has grown to 50.4% on CoinGecko.
Meme Coins in Retreat
The majority of larger alternative cryptocurrencies have experienced price declines today, with the exception of TON which has risen by 4.5% and hovers around the $7 mark. In contrast, Ethereum has dropped by 1.5%, nearing the threshold of breaking below $3,750. Solana, Ripple, Cardano, Tron, Polygon, and Uniswap have incurred minimal losses.
Three to five percent drops have been recorded for Shiba Inu, Avalanche, Chainlink, and NEAR. However, greater losses are seen in meme coins such as Pepe (-7.5%) and WIF (-5%).
On the other hand, KAS has skyrocketed by 18% and now trades close to $0.18.
The cryptocurrency market’s total value has decreased by the same amount as yesterday, yet it continues to exceed $2.7 trillion according to CoinMarketCap.
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2024-06-04 12:06