A Look at Bitcoin’s Price Recovery and Altcoin Performance
Bitcoin’s price recovery tour recently took it to a multi-day peak of $64,500, but the asset has retraced since then. Many larger altcoins are slightly in the red on a daily scale, with some notable ones like TON, ADA, and SHIB declining by 2-4%.
Bitcoin’s Journey to $64.5K and Beyond
The start of May brought challenges for bitcoin bulls as the cryptocurrency experienced a significant slump after failing to pump above $65,000. This led to a massive correction, pushing the asset to its lowest price in over two months at $56,500.
- The Fed’s decision not to raise interest rates further added volatility to the market.
- Bitcoin underwent a $2,000 price swing in mere minutes on Wednesday afternoon.
- Gradual price recovery ensued as bitcoin surged to $59,000 by Friday.
- A subsequent rally drove the asset past $62,000, reaching a multi-day high of $64,500.
Despite failing to sustain above $64,500, bitcoin still trades above $63,000 with a dominance of almost 51% over altcoins. However, its market cap has decreased to $1.244 trillion on CryptoCompare.
DOGE Continues its Momentum
Dogecoin, the prominent meme coin, emerged as one of the top performers recently, extending its bullish run. DOGE saw another 6% surge in the past 24 hours, now priced at $0.16.
- RNDR, another standout gainer among the top 36 altcoins, skyrocketed to $9 following an 8.5% daily increase.
- AVAX, LINK, and NEAR also recorded gains in the market.
- Conversely, altcoins like TON, SHIB, and ADA faced declines ranging from 2-4%.
- ETH, BNB, SOL, and XRP also experienced losses, albeit less severe.
The total cryptocurrency market capitalization has dropped by approximately $40 billion since its recent peak, resting at $2.450 trillion on CryptoCompare.
Hot Take on Bitcoin’s Price Movement and Altcoin Performance
Despite reaching heights of $64,500, bitcoin struggled to maintain its position and underwent a slight retracement. Meanwhile, altcoins displayed mixed performances, with some in the green and others facing minor losses.
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