Last week, the price of Bitcoin dipped below the US$69,000 mark, grabbing the attention of the market. Despite an initial attempt to hold this level, the digital currency experienced a sharp rejection, leading to a drop of over $2,000.
The beginning of the new week seemed promising for Bitcoin as it crossed the US$70,000 threshold on Monday. However, this surge was short-lived. Despite briefly surpassing that mark on Tuesday, the gains were not sustained.
Prior to the release of United States economic data, Bitcoin reached a multi-week high of $72,000. Following the data release, it faced renewed selling pressure, causing it to drop once again to a multi-day low of $68,500.
After a slight recovery, Bitcoin managed to climb back above $69,000, but still saw a daily decline of 2.7%. This volatility led to a decrease in Bitcoin’s market capitalization to $1.366 trillion, while also increasing its dominance in the altcoin market to 50.8%. At the time of writing, the price of BTC was quoted at US$69,294.94, with a 2% decrease in the past 24 hours.
Meanwhile, altcoins demonstrated even greater vulnerability. Ethereum, for instance, experienced a 3.5% drop, falling below $3,700. Other cryptocurrencies like Binance Coin (BNB) and Solana (SOL) also faced significant declines. Cryptocurrencies such as Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC saw losses ranging from 7% to 8%.
In a surprising turn of events, Filecoin (FIL) stood out with notable gains, while others like dogwifhat (WIF), GALA, THORChain (RUNE), CORE, Chiliz (CHZ), Fetch.ai (FET), Optimism (OP), and Fantom (FTM) experienced drops of over 10%.
Please note that the opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Trading or investing in cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin has maintained stability around $68,000 while NOT saw a 320% surge. Additionally, Peter Brandt suggests that Bitcoin could follow a similar recovery pattern to that of the stock market.