The Volatility of Bitcoin and Altcoins

The Volatility of Bitcoin and Altcoins

The past 24 hours have been a wild ride for Bitcoin, with the price dropping below $67,000 multiple times before bouncing back. It seems that each correction is met with a positive reaction from the leading cryptocurrency, as it currently hovers around the $67,000 mark once again. Just a week ago, Bitcoin had dipped to just over $61,000 due to some Coinbase issues. However, the asset quickly recovered and started a significant rally after the announcement of US CPI numbers. The price surged by several thousand dollars in a matter of hours, surpassing $66,000. While there were brief corrections along the way, Bitcoin managed to push through and even reached above $67,500 on Sunday.

Altcoins Feeling the Pressure

While Bitcoin has managed to withstand the recent market fluctuations, altcoins have not fared as well. TON, ADA, and SHIB are all down by around 3% on a daily scale. Ethereum, in particular, is teetering close to breaking below $3,100 after a 0.4% decline. The anticipation for the SEC’s decision on Ethereum ETFs is looming over the market, adding to the uncertainty. Binance Coin has also dipped by a similar percentage, currently sitting at $576. Other larger-cap altcoins such as XRP, DOGE, AVA, DOT, TRX, and BCH have also experienced losses. On the flip side, Solana’s native token has seen a 2.5% increase, reaching close to $180. Some lesser-known tokens like WIF, PEPE, NEAR, and GRT are also slightly in the green.

Market Cap and Dominance

Bitcoin’s market cap remains around $1.320 trillion, with its dominance over the altcoins hovering around 52%. Most altcoins have mirrored Bitcoin’s performance in the past 24 hours, posting minor losses. The total crypto market cap has taken a hit since yesterday, now standing just below $2.550 trillion on CoinGecko.

The cryptocurrency market continues to be characterized by volatility, with Bitcoin leading the way with its rollercoaster price movements. While some altcoins have managed to weather the storm, others have seen significant losses. Investors and traders need to remain cautious and keep a close eye on market trends to navigate these turbulent times in the crypto space.

Crypto

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