Last week, Bitcoin made headlines as it dipped below the $69,000 mark, causing a buzz in the market. Despite an initial attempt to hold steady, the digital currency faced a sharp decline of over $2,000.
The start of the new week seemed promising for Bitcoin as it crossed the $70,000 threshold on Monday. However, this surge was short-lived. Even though it briefly surpassed this level on Tuesday, the gains were not sustainable.
Prior to the release of the latest economic data from the United States, Bitcoin reached a multi-week high of $72,000. However, shortly after this milestone, it experienced a wave of selling pressure that drove its value back down, hitting a multi-day low of $68,500.
After a slight recovery, Bitcoin managed to climb back above $69,000, but still saw a daily decrease of 2.7%. This volatility led to a decrease in Bitcoin’s market capitalization to $1.366 trillion, while its dominance in the altcoin market rose to 50.8%. As of the time of writing, the price of BTC was hovering around $69,294.94, marking a 2% drop in the past 24 hours.
Meanwhile, altcoins showed even greater vulnerability. Ethereum, for instance, experienced a 3.5% decline, falling below $3,700. Other altcoins like Binance Coin (BNB) and Solana (SOL) also faced significant drops. Cryptocurrencies such as Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC took hits of between 7% and 8%.
The only outlier in this scenario was Filecoin (FIL), which saw notable gains, while others like dogwifhat (WIF), GALA, THORChain (RUNE), CORE, Chiliz (CHZ), Fetch.ai (FET), Optimism (OP), and Fantom (FTM) plummeted by over 10%.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies comes with a risk of financial loss.
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