Bitcoin (BTC) has been facing a turbulent week in the cryptocurrency market, experiencing significant volatility after a brief period of recovery. The digital currency, which had initially seen a substantial increase in value at the beginning of the month, quickly reversed its course and hit a two-month low of $56,500 last week.
Despite attempting to bounce back with the support of the US Federal Reserve’s decision to maintain stable interest rates, BTC is now struggling to stay above the $62,000 level. As of now, the price of BTC stands at $62,245.48, marking a 3% drop in the last 24 hours.
The altcoin market is also experiencing a downward trend. Coins like Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) have seen drops of more than 5% in the past 24 hours.
During its recent rally, Bitcoin briefly surpassed the $65,000 mark, reaching a 12-day high. However, this surge was short-lived as the price dropped to $63,000 before fluctuating again and experiencing a further decline to just over $62,000. This recent instability has directly impacted the cryptocurrency’s market capitalization, which has significantly reduced due to market hesitancy.
In addition to Bitcoin, other large-cap cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB) have also faced setbacks. ETH fell to around $3,000, while BNB regressed to $580. This negative trend is not limited to well-known cryptocurrencies alone, as several low- and mid-cap coins such as WIF, ZBC, JUP, SUI, and FLOKI have also recorded significant drops.
The overall value of the crypto market has followed a similar trajectory, dropping to $2.4 trillion. This represents a notable decrease of $100 billion in just one day, and a total decrease of $150 billion since the beginning of the week. The widespread decline reflects the persistent uncertainties that continue to negatively impact investor appetite.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: According to veteran trader Peter Brandt, Bitcoin has the potential to reach new highs. Meanwhile, Bitcoin remains stable above $63,000, while Arweave and Render have seen an increase of more than 6%.