Yesterday, Bitcoin experienced a significant downturn, causing its price to drop approximately $5,000 within just a few hours.
The importance of altcoins decreased more noticeably, as indicated by Bitcoin’s growing supremacy. Some meme coins suffered losses up to 20%.
BTC’s Crash
During the past business week, Bitcoin experienced good progress, reaching a four-week high of more than $72,500 on Monday. The asset gained momentum due to increasing interest in the upcoming spot Bitcoin ETFs.
The cryptocurrency’s steady advance came to a halt on Wednesday when the US released inflation figures that surpassed expectations. Consequently, its price dipped back down to $67,500. However, it regained some momentum over the following days and managed to push past $71,000 by Friday.
Although it failed to gain traction there, the recent Federal Reserve announcements on monetary policy sparked a significant sell-off in Bitcoin, causing it to drop around $5,000 and resulting in almost $1 billion in losses from liquidations.
Bitcoin has bounced back and is now valued above $67,000. However, its market value on Coinmarketcap has dropped to approximately $1.33 trillion. Despite this decrease, Bitcoin’s control over the cryptocurrency market has risen to 51.7%, representing a daily gain of more than 1%.
Additionally, this stock market crash had an impact on other financial sectors, such as gold, for further details please refer to the following source.
Alts Turn Red
During this correction, Bitcoin’s growing influence indicates that the altcoins have underperformed significantly. While some have regained a bit of lost ground since last night’s lows, their 24-hour performance charts remain dismal.
Among the larger-cap altcoins, XRP declined by 11%, SOL dropped by 13%, DOGE and ADA both fell by 13%, AVAX experienced a loss of 18%, SHIB decreased by 12.5%, BCH retreated by 10.5%, DOT went down by 13.5%, and LINK suffered a setback of 14%. (Note: This is just one way to paraphrase the original sentence, there might be other ways as well.)
The meme coins were also hit hard, with losses of up to 30% in some cases.
At one point, the overall value of the cryptocurrency market dropped by more than $200 billion, and although it has risen slightly since then, it remains significantly lower than the $2.6 trillion mark.
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2024-04-13 11:18