Bitcoin’s weekend was relatively positive with the asset climbing above $64,000 on Sunday. However, the start of the business week brought more pain as bitcoin dropped to under $62,000. The altcoins followed suit with even greater losses, causing a decrease of around $60 billion in the total crypto market cap.
As a crypto investor, I’m pleased to report that Bitcoin made some progress over the weekend, breaking through the $64,000 mark. However, the beginning of the work week hasn’t been kind to us, as the price has taken a dip once again, and we’re now hovering around the $62,000 level.
The altcoins have mirrored this trend with significant declines, contributing to a drop of approximately $60 billion in the overall cryptocurrency market value.
BTC’s Latest Nosedive
Last week began with optimism as bitcoin surged from $65,000 to $67,000 by the end of Tuesday. However, it initially fell short in its initial effort to break through that resistance. Eventually, bitcoin made additional attempts to surpass this level.
Despite their efforts, the bears continued to dominate the market on Thursday, triggering a sharp price drop to $62,800 for Bitcoin. However, the crypto quickly rebounded, gaining over $2,000 in just a few minutes.
As a researcher studying the cryptocurrency market, I observed that Bitcoin’s value took a downturn after a brief rise, dropping from around $64,400 on Saturday to $62,400. However, Sunday brought some optimism back into the market as Bitcoin surged up to $64,400 once again. Unfortunately, the positive momentum did not last long and the price took a nosedive, reaching a 10-day low of under $62,000 earlier in the day.
Bitcoin has surpassed its previous level but remains 2.5% in the red for the day. Its market value now stands at $1.23 trillion according to CoinGecko. Notably, bitcoin’s supremacy over altcoins has grown to 50.5%.
Alts Back in Red
As a researcher studying the cryptocurrency market, I’ve observed that when bitcoin experiences downturns, it often pulls altcoins down with it. Yesterday, Ethereum was an exception, managing to surge above $3,300. However, those gains have now been wiped out, and a 4% daily decline has caused Ethereum to drop below the $3,200 mark once again.
These cryptocurrencies – Solana, Dogecoin, Toncoin, Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Polkadot – experienced declines of approximately 5-8% within the past 24 hours.
BNB, XRP, TRX, and LINK are experiencing losses as well, though not to the same extreme degree. The most significant daily decreases can be attributed to CORE (-11.5%), PEPE (-9.3%), GALA (-9.6%), and FLOKI (-9%). In simpler terms, CORE, PEPE, GALA, and FLOKI have suffered larger percentage drops compared to BNB, XRP, TRX, and LINK.
The total crypto market cap has shed just over $60 billion and is down to $2.430 trillion on CG.
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2024-04-29 11:50