On this Thursday, May 9, 2024, the landscape of the cryptocurrency market is painted with hues of descent, notably observed in Bitcoin, the titan of digital currencies, which sees a substantial plunge to $60,650, marking its recent nadir. Despite this downturn in Bitcoin’s trajectory, a few altcoins, Toncoin and AKT notably among them, exhibit a commendable resilience, boasting gains of approximately 5% each.
The preceding week concluded on a bullish note, witnessing Bitcoin’s ascent from a sub-$59,000 valuation to $62,500 on Friday, further scaling up over the weekend to nearly touch the $64,000 mark. However, as the new week dawned, hurdles materialized on Bitcoin’s path towards surpassing the coveted $65,000 threshold.
Briefly breaching the $65,500 milestone, Bitcoin swiftly found itself under bearish pressure, curtailing its advance and igniting a selling frenzy that drove its value down to $63,500, and subsequently, $61,500 by Wednesday.
In the past 24 hours, Bitcoin’s woes have deepened, witnessing a precipitous decline to approximately $60,600. Though it has recuperated marginally, it still languishes 2.5% lower for the day, with its market capitalization hovering around the $1.19 trillion mark, while its dominance over altcoins dwindles to 50.5%.
Meanwhile, amidst the prevailing downturn, Toncoin emerges as a beacon of positivity, defying the overarching trend with a 5% surge, nearing the $6 mark. Conversely, Ethereum and Ripple experience modest setbacks, with Ethereum slipping below $2,950 and Ripple to $0.51. Solana, Dogecoin, and Polkadot also register declines.
In the realm of high-capitalization cryptocurrencies, Binance Coin and Cardano emerge as notable outliers, accruing over 3% to their respective values. Presently, Binance Coin commands a price of $600, while Cardano stands at $0.45. Other altcoins exhibiting noteworthy gains encompass AKT, KAS, RUNE, PEPE, ATOM, HBAR, and LTC.
Notwithstanding these isolated instances of uptick, the collective valuation of the cryptocurrency market undergoes a $20 billion contraction, now resting below the $2.4 trillion threshold. Since the commencement of the week, the overall metric has experienced a depreciation of approximately $170 billion.
Disclaimer: The perspectives articulated herein, whether by the author or any mentioned individuals, are for informational purposes solely and do not constitute financial, investment, or other advice. Engaging in cryptocurrency investment or trading carries inherent risks of financial loss.
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