Bitcoin Corrects Below $63K After Briefly Hitting $65K
Bitcoin experienced a significant correction recently after briefly surpassing the $65,000 mark. The rejection pushed the leading cryptocurrency’s price down by over $2,000, and it is currently struggling to maintain levels below $63,000 amid market volatility.
Positive Developments Propel Bitcoin Rally
- Fed Chair Jerome Powell hinted at potential interest rate cuts in the US, boosting market sentiment.
- RFK’s withdrawal from the 2024 US presidential race in favor of Donald Trump supported the pro-crypto narrative, leading to a price surge for Bitcoin.
Market Impact and Altcoin Performance
The correction in Bitcoin’s price has also affected various altcoins, with assets like UNI, LINK, TON, and others experiencing more than a 4% daily loss. The overall market sentiment has shifted, leading to a broader decline in altcoin prices as well.
Bitcoin’s Market Capitalization and Dominance
Bitcoin’s market capitalization took a hit, dropping by $20 billion to $1.240 trillion in a single day. However, its dominance over other cryptocurrencies remains close to 54%, indicating ongoing market strength despite the recent correction.
Altcoin Market Bloodbath
The altcoin market is experiencing a significant downturn, with many top assets registering losses. Leading altcoins like Uniswap and Chainlink are among the worst-hit, with UNI dropping by nearly 6% and LINK losing 6.4% in the past 24 hours. Other altcoins like Cardano, Bitcoin Cash, Polkadot, Tron, Dogecoin, and Toncoin have also declined by 3-4%, contributing to the overall negative trend in the market.
- ETH, BNB, SOL, XRP, and AVAX are also in the red, although their losses are relatively less severe compared to other altcoins.
- The collective market capitalization of all cryptocurrencies has decreased by over $50 billion in a single day, now standing at just under $2.3 trillion.
Conclusion: Market Volatility Persists Amid Bitcoin Correction
The recent correction in Bitcoin’s price has triggered a broader market downturn, impacting altcoins’ performance as well. While Bitcoin struggles to maintain levels below $63,000, the overall market sentiment remains cautious, with investors closely monitoring price movements across various cryptocurrencies.
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