Bitcoin’s Price Rally Comes to a Halt
The recent price rally of Bitcoin, which saw it reach a multi-week high, has abruptly ended with the asset experiencing a significant drop of over $1,000. This decline has also affected alternative coins, with PEPE suffering a double-digit decrease.
BTC Stopped at $28.5K
After trading flat for several days around the $27,000 mark, Bitcoin experienced a change in its market dynamics on Monday morning during the Asian trading session. Bulls took control and initiated a substantial upward movement. As a result, BTC surpassed $28,000 for the first time in weeks, reaching a peak of $28,600.
However, Bitcoin was unable to sustain its momentum and quickly started losing value. Within half a day, its price dropped by over $1,000 and fell below $27,400 earlier today. Although it has recovered slightly since then, the cryptocurrency is still down by approximately 3% for the day. Its market cap has also decreased by over $15 billion and currently stands below $540 billion.
Alts Turn Red
Yesterday, many alternative coins experienced significant gains. However, as anticipated, the market has turned bearish today with most charts showing red. Ethereum is one of the worst performers, having dropped by almost 5% and falling below $1,700 once again.
Other cryptocurrencies such as Binance Coin, Ripple, Dogecoin, Tron, Toncoin, Polkadot, and Litecoin are also experiencing losses. SOL, ADA, and BCH have only seen minor retracements. Additionally, Aptos and Optimism have recorded daily losses possibly due to anticipation surrounding token unlocks later this month.
Among the top 100 altcoins, PEPE has experienced the most significant decrease, with its value dropping by 11% in just one day. As a result of these losses, the total crypto market cap has erased most of yesterday’s gains and is now below $1.1 trillion.
Hot Take: Bitcoin and Altcoins Experience a Sharp Decline
The recent surge in Bitcoin’s price has come to an abrupt halt, with the asset experiencing a significant drop. This decline has also affected alternative coins, resulting in widespread losses across the market. The market cap of cryptocurrencies has decreased, erasing most of the gains from the previous day. It remains to be seen how these developments will impact the overall cryptocurrency landscape in the coming days.
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