Bitcoin’s Price Declines
Bitcoin experienced significant price fluctuations over the past week. It initially surged past $49,000 with the introduction of 11 spot BTC ETFs in the US market but then dropped by over $3,000. The downward trend continued, resulting in a loss of over $7,000 within 36 hours. After briefly recovering to $43,000, Bitcoin traded sideways for a week before experiencing another decline. It dropped below $41,000 and reached a monthly low of $40,400. Despite a brief bounce above $42,000, negative sentiment kept the pressure on, causing Bitcoin to settle at around $41,500.
The cryptocurrency’s market capitalization is currently above $810 billion, with its dominance over altcoins remaining below 50%.
Chainlink’s Surprising Gain
While most altcoins have remained stagnant, Chainlink (LINK) has seen a notable increase of over 5%, trading above $16. Cardano (ADA) also experienced a 3% rise to over $0.5. Uniswap (UNI), Litecoin (LTC), Dogecoin (DOGE), Tron (TRX), and Binance Coin (BNB) have all shown positive movements as well.
However, Avalanche (AVAX), Solana (SOL), and MATIC have experienced losses of 4%, 3%, and 3% respectively. Other cryptocurrencies such as ARB, LDO, OP, INJ, and NEAR have also seen declines. The total market cap of the crypto market has decreased by approximately $10 billion overnight but remains above $1.6 trillion.
Hot Take: Bitcoin Recovers from Monthly Low
Bitcoin’s recent price decline to a monthly low of under $40,500 caused concern among crypto investors. However, the cryptocurrency managed to bounce back above $42,000 within hours. While altcoins have largely remained stagnant, Chainlink has defied market sentiment with a 5% increase. Bitcoin’s market dominance over altcoins remains below 50%, and its market capitalization stands at over $810 billion. Despite the recent volatility, the overall crypto market cap remains above $1.6 trillion.
By
By
By
By
