Bitcoin experienced a recent journey that was characterized by a correction, resulting in a sharp decline to $3, causing the cryptocurrency market to suffer significant losses in value. Within the past 24 hours alone, the global cryptocurrency market has seen a decrease of approximately $60 billion.
Bitcoin, which had reached a peak of $65,500, encountered a major setback as it suddenly dropped to $62,650, as indicated by market data. This pullback highlighted the conflicting sentiments among investors who were seeking optimal buying and selling opportunities. “While the bulls were preparing for another surge, the bears regained control and caused bitcoin to decline by approximately three thousand dollars,” noted an industry analyst.
Despite the drop, Bitcoin managed to regain some of the lost ground and was trading above $64,000 later on. Its dominance over altcoins also increased, reaching nearly 51% of the total market capitalization, which settled at $1.26 trillion. At the time of publication, the price of BTC was quoted at $63,664.98, experiencing a 1% drop within the last 24 hours.
The impact of this decline was also felt in the altcoin market, with several altcoins experiencing significant drops. DOGE, SHIB, and AVAX were among the most affected, with declines of 5.3%, 6%, and 5.8% respectively. “DOGE fell below $0.16, SHIB dropped to $0.000024, and AVAX retreated to $37,” detailed market data.
While most altcoins faced setbacks, SOL emerged as an exception, approaching $160 after a modest 2% increase. Additionally, cryptocurrencies RNDR, ZBC, AGIX, and FET experienced surges of over 5% within the last 24 hours.
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