Bitcoin’s Volatility Strikes Again: A Rollercoaster Weekend
Bitcoin’s weekend was one filled with ups and downs, as the leading cryptocurrency surged past $64,000 before taking a sudden nosedive back to under $62,000. As the market braces for the new week, the rollercoaster ride continues, leaving many investors on edge.
BTC’s Rollercoaster Ride
Bitcoin’s journey over the past week has been a tumultuous one, starting with a promising surge from $65,000 to $67,000 early in the week. Despite multiple attempts to break through the $67,000 resistance level, the bears took control and triggered a sharp downturn, plummeting the price to $62,800 before a quick rebound of over $2,000.
- However, the recovery was short-lived as bitcoin dipped to $62,400 on Saturday.
- Sunday brought a glimmer of hope as the cryptocurrency bounced back to $64,400.
- Unfortunately, the positive momentum didn’t last, and BTC dropped to a 10-day low of under $62,000 at the start of the new week.
Altcoins Follow Bitcoin’s Lead
As is often the case, when bitcoin experiences volatility, altcoins tend to follow suit, with many seeing significant losses in tandem with BTC’s decline. Ethereum, for example, had seen impressive gains, surging past $3,300, only to lose all progress with a 4% drop back below $3,200.
- Other altcoins such as Solana, Dogecoin, Tomcoin, Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Polkadot all experienced losses ranging between 5-8% in a single day.
- BNB, XRP, TRX, and LINK also saw red, albeit with less severe declines.
- The biggest losers of the day include CORE (-11.5%), PEPE (-9.3%), GALA (-9.6%), and FLOKI (-9%).
Total Market Cap Takes a Hit
The overall cryptocurrency market cap has taken a hit, shedding over $60 billion and dropping to $2.430 trillion on CG. With the market in the red and investors feeling the pressure, the volatility and uncertainty continue to dominate the crypto landscape.
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