Bitcoin’s recent price movements have caused a stir in the market, with the cryptocurrency dipping below the US$69,000 mark last Friday. Despite briefly surpassing the US$70,000 barrier on Monday, Bitcoin’s gains were short-lived as it faced a new round of selling pressure, dropping to a multi-day low of $68,500.
Following the release of United States economic data, Bitcoin saw a brief rally to a multi-week high of $72,000 before once again facing a downturn. Despite managing to climb back above $69,000, Bitcoin still recorded a 2.7% daily drop, bringing its market capitalization to $1.366 trillion. However, Bitcoin’s dominance in the altcoin market increased to 50.8%, with its price currently hovering around US$69,294.94, reflecting a 2% drop in the last 24 hours.
Altcoins fared even worse, with Ethereum dropping 3.5% to below $3,700, and other cryptocurrencies like Binance Coin (BNB) and Solana (SOL) also experiencing significant losses. Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC all suffered losses ranging from 7% to 8%. The only exception 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) fell by more than 10%.
It’s important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.