Bitcoin Experience Sharp Decline to $63.3K
Following the recent dip in the market, Bitcoin plummeted to a low of $63,300, marking a significant decrease in value in just 12 hours.
- The volatility in the market led to a downtrend across various alternative coins, with prominent assets such as SOL and XRP leading the negative movement.
Bitcoin’s Rollercoaster Ride
After experiencing a drastic drop to $63,400 last week, Bitcoin made a recovery over the weekend, surging above $69,000 amidst anticipation for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.
- Following Trump’s speech, the cryptocurrency witnessed heightened volatility before settling around $67,500 on Sunday.
- Despite a positive start on Monday with Bitcoin reaching a 7-week peak of $70,000, the momentum did not sustain, leading to a sharp decline to $66,400 by the end of the day.
- Subsequent days saw Bitcoin trading around $66,500, until a recent nosedive pulled the asset to a two-week low of $63,300, resulting in significant liquidations in the market.
Altcoins in the Red Zone
While Ripple’s XRP token surged to over $0.66, achieving a multi-month high, it faced a setback with a 6% drop to $0.6. Similarly, SOL experienced an 8% decline, struggling below $170.
- Other major altcoins, including ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK, also witnessed losses ranging from 2-5% amid the market downturn.
Market Cap Shrinks
The overall cryptocurrency market cap faced a significant dip of $70 billion, falling below $2.4 trillion on CG in recent hours.
- Despite Bitcoin’s bounce to $64,500, its market cap declined to $1.270 trillion, although its dominance over altcoins increased to 52.6%.
Closing Thoughts on Market Volatility 📉
As the cryptocurrency market continues to witness fluctuations, it is essential to stay informed and cautious regarding investment decisions. The recent downturn in both Bitcoin and altcoins highlights the unpredictable nature of the market.
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