Following a week of excitement in the world of cryptocurrency, investors have hit the pause button, causing a slight dip in the overall market value, which now stands at about US$2.45 trillion. This adjustment represents a decrease of roughly US$40 billion in the past 24 hours, impacting various cryptocurrencies.
Bitcoin, which had surged to over US$66 at the start of the week, faced mounting resistance. The selling pressure pushed the price of the leading cryptocurrency below US$64, resulting in a 2% daily decline.
Despite the decline in Bitcoin’s price, its market dominance, which compares its market capitalization to that of other cryptocurrencies, experienced a slight drop to 51.2%, indicating a relatively stronger performance by alternative coins.
Currently, Bitcoin’s price is striving to climb back above the $66,000 mark. If BTC manages to hold above $65,500, there is potential for a rebound towards $68,000. As of the time of writing, the BTC price was sitting at US$65,700, up 2% in the last 24 hours.
In the cryptocurrency market today, most major altcoins are displaying fluctuations between highs and lows. Ethereum (ETH) is aiming to recover its value above $3,500. XRP slipped below $0.60, but bulls are attempting to push the price back up. Cardano (ADA) maintained stability above the $0.42 support level, while Solana demonstrated strength above $165, up 4.5%.
While many altcoins saw declines, some managed to stand out positively. TRX and TON remained in the green despite overall selling pressure. Conversely, AVAX, UNI, and MATIC experienced drops ranging between 1% and 2%. Mantle and POPCAT saw a 10% surge, and WIF was up 5% in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin surpasses $63,000; Mog Coin and PENDLE soar over 10% Bitcoin surpasses $66,000 in strong recovery; XRP shines with robust gains.