As a seasoned crypto investor with several years of experience under my belt, I have seen the market go through its fair share of ups and downs. And today is yet another day that showcases Bitcoin’s volatility and the unpredictability of the altcoin market.
Yesterday, Bitcoin reached a high of $66,000 – a significant peak over the past few weeks. However, bearish investors didn’t hesitate to challenge this advance, resulting in a decline of approximately $1,000.
As a researcher studying the cryptocurrency market today, I’ve noticed that altcoins have followed suit with Bitcoin’s downward trend. Particularly noteworthy are SHIB, XRP, and XLM, which have experienced the most significant losses on a daily basis.
BTC Can’t Go Above $66K
Following a rough beginning in July, with Bitcoin dipping below the $54,000 mark on the 5th, the cryptocurrency bounced back swiftly and reached a plateau at around $58,000 for approximately a week.
Last weekend, the failed assassination attempt against the US presidential candidate supportive of cryptocurrencies, Donald Trump, resulted in a significant transformation of the landscape. The price of Bitcoin experienced a notable surge, increasing by several thousand dollars right away and peaking at an all-time high of $63,000 on Monday.
The relentless advance of bulls propelled Bitcoin to a new high of $66,000 over the past few weeks, fueled by substantial ETF investments reported earlier today. Yet, the upward momentum began to weaken thereafter.
Currently, the value of the cryptocurrency exceeds $64,000, which is its previous local peak. The total market capitalization has decreased to approximately $1.28 trillion. Additionally, the cryptocurrency’s dominance over other altcoins on CoinGecko remains above 51%.
XRP, SHIB Retrace Hard
In recent days, many altcoins experienced price surges. However, this trend has shifted, and Ripple‘s native token was one of the top-performing assets during this period. Lately, a daily decline of approximately 6% caused its price to drop back down to $0.57.
As an analyst, I’ve observed that Shiba Inu, the second-largest meme coin, has suffered significant losses among larger-altcoin counterparts. Specifically, its value has decreased by 8.3%, now trading at $0.000017. Similarly, Ethereum (ETH), Dogecoin (DOGE), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and Uniswap (UNI) have also experienced losses from this group of altcoins.
The crypTO CurReny market cap, reaching a new high of $2.534 trillion in the past week, has experienced a decline of approximately $40 billion and now stands at $2.490 trillion according to CoinMarketCap.
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2024-07-18 12:41