Bitcoin Price Calms at $64,000 Over Weekend

Bitcoin Price Calms at $64,000 Over Weekend

Bitcoin’s price movements over the weekend have been somewhat underwhelming as the asset has calmed at just over $64,000 after the previous week’s volatility. The altcoins are, in general, also less volatile today, with a few exceptions like Dogecoin, which has surged by around 7%.

The last business week started on a highly unfavorable note for the primary cryptocurrency, which had recovered most of the losses from the end of the previous one. The asset stood at $69,000 on Monday but quickly dropped by five grand. Tuesday saw even more declines when BTC slipped to a two-week low of under $61,000. This was primarily driven by profit-taking by certain investors and uncertainty in regard to the upcoming FOMC meeting that took place later that day.

Market Response to FOMC Meeting

Once the US Federal Reserve said it would not pivot from its current monetary strategy, Bitcoin went on the offensive, jumped by 4% immediately, and soared past $68,000 by Wednesday morning. Nevertheless, that rally was short-lived, and BTC started losing ground in the next few days. As of now, the cryptocurrency trades at around $64,000 after failing to overcome $66,000 yesterday. Its market cap is flat at $1.260 trillion on CG, and its dominance is just slightly above 49%.

Most altcoins have also calmed on a daily scale. Ethereum, Solana, and Binance Coin have charted insignificant losses, while XRP, ADA, SHIB, and DOT have jumped by about 1-2%. In contrast, Dogecoin has emerged as the top performer of the 15 largest crypto assets, having gained 7% overnight. This means that the OG meme coin now sits above $0.17. Bitcoin Cash, ICP, and OKB are the other impressive gainers, with price increases of up to 8% in the case of OKB. The total crypto market cap, though, has declined slightly on a daily scale and sits at just over $2.560 trillion on CoinGecko.

Overall, while Bitcoin has shown some stability around $64,000, the market remains somewhat subdued compared to previous volatile fluctuations. Altcoins have seen mixed performances, with some registering gains while others chart minor losses. The response to external factors such as FOMC meetings continues to influence market sentiment and price movements, indicating the high level of uncertainty and speculation that characterizes the cryptocurrency market. Investors will be closely watching for any new developments that could potentially impact the market in the coming days.


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