Bitcoin Struggles to Sustain $26K Level
Bitcoin has calmed down after last week’s significant price drops, but it continues to struggle to hold above the $26,000 level. While most altcoins are also calmer on a daily scale, several, including APE, UNI, LTC, and SHIB, have experienced sharp declines on a weekly scale.
Key Points:
- Bitcoin experienced massive volatility last week, dropping to a two-month low of $25,300 after speculations arose about Elon Musk’s SpaceX selling its remaining BTC stash.
- Despite the approval of the first spot Bitcoin ETF in Europe, BTC was unable to reclaim the $26,000 level and remained stuck at around that price over the weekend.
- Bitcoin’s market capitalization is close to $510 billion, and its dominance over altcoins stands at 48%.
Hot Take:
Bitcoin’s struggle to sustain the $26,000 level highlights the ongoing volatility in the cryptocurrency market. While some altcoins have also experienced declines, it is clear that Bitcoin remains the dominant player. Investors will be closely watching to see if Bitcoin can break out of its current range and regain its upward momentum.
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