Bitcoin’s Price Continues to Slide
You may have noticed that Bitcoin’s price has been performing sluggishly in the past 24 hours. In fact, the asset has lost some ground and is currently sitting below $26,000. But it’s not just Bitcoin that’s experiencing a dip in value. Many altcoins, including SOL, LTC, SHIB, and TON, have also seen losses of up to 5%.
BTC’s Rollercoaster Ride
About a week ago, Bitcoin had a significant price surge after trading sideways for weeks. This surge was fueled by Grayscale’s legal victory over the SEC in the US. Bitcoin’s price shot up from $26,000 to over $28,000 in just one day. However, the excitement was short-lived.
The SEC’s decision to delay making a decision on Bitcoin ETF applications caused a quick reversal in Bitcoin’s price. It dropped by $1,000 the next day and then plummeted by another $1,500 within 24 hours. This brought Bitcoin’s price to an 11-week low at $25,350 on many exchanges.
Although Bitcoin managed to recover some ground and stabilize around $26,000, it hasn’t made much progress since then. As a result, its market capitalization has slipped below $500 billion, and its dominance over other cryptocurrencies has stalled at 48.3%.
Hot Take: Bitcoin’s Future Uncertain
With Bitcoin’s price struggling to regain momentum and facing competition from other altcoins, its future remains uncertain. Will Bitcoin be able to bounce back and reach new highs? Only time will tell.
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