Bitcoin Price Retraces to $42,000
After a period of strong momentum, Bitcoin’s price has taken a step back and retreated to around $42,000. This comes as most altcoins are also experiencing losses, with SOL and ADA dropping by over 5%. However, ICP has seen a massive surge of 40%.
BTC’s Recent Decline
About a week ago, Bitcoin reached its highest price in over a year and a half at $44,700. However, the situation quickly changed as the cryptocurrency faced a decline. On Monday, Bitcoin dropped by over $3,000 in just a few hours and fell below $41,000. By Tuesday, it hit a weekly low of $40,200.
The bulls attempted to counter these drops by pushing the price up to $43,000 during the US CPI data and FOMC meeting. However, the recent vulnerabilities in Ledger caused further volatility, resulting in Bitcoin fluctuating by $1,500 on Thursday.
Since then, Bitcoin has struggled to regain its momentum and is currently hovering just above $42,000. Its market capitalization has decreased to $825 billion, and its dominance over other cryptocurrencies stands at 51.6%.
Altcoins Experience Losses
Today, most altcoins are in the red. SOL has experienced the largest decline among major cryptocurrencies with a drop of 6.5%. Despite this decrease, SOL is still trading above $70.
Cardano has also declined by a similar percentage but remains above $0.6. Other cryptocurrencies such as Dogecoin (-3%), Chainlink (-4%), Ripple (-2%), Ethereum (-1.5%), and Binance Coin (-1.2%) are also facing losses.
However, ICP stands out as the top performer, surging by nearly 40% and reaching close to $9. Other notable gainers include WOO Network, Osmosis, and Filecoin with gains ranging from 10% to 16%.
The total crypto market cap has decreased by approximately $30 billion in a day and is on the verge of falling below $1.6 trillion.
Hot Take: Bitcoin’s Retreat and Altcoin Losses
Bitcoin’s recent retreat to $42,000 reflects a loss of momentum after reaching its highest price in over a year and a half. The cryptocurrency faced significant declines, dropping below $41,000 and hitting a weekly low of $40,200. Despite attempts to recover, Bitcoin has struggled to regain its previous strength.
Meanwhile, altcoins have also experienced losses, with SOL and ADA being among the most affected. However, ICP has defied the trend with an impressive surge of 40%. These fluctuations highlight the volatility of the crypto market as it faces challenges and uncertainties.
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