On Thursday, May 9, 2024, the cryptocurrency market witnessed a decline, with Bitcoin, the leading cryptocurrency in the world, experiencing a significant drop to $60,650, marking its lowest point in recent days. However, despite Bitcoin’s downward movement, some altcoins like Toncoin and AKT showed resilience and recorded notable gains of around 5% each.
After a strong finish the previous week, where Bitcoin surged from below $59,000 to $62,500 on Friday and continued its rise over the weekend, reaching nearly $64,000, the cryptocurrency faced obstacles in surpassing the $65,000 mark at the beginning of the week.
Although it briefly reached $65,500, the bears quickly took control again, preventing further advances and initiating a selling spree that brought the price down to $63,500 and later $61,500 on Wednesday.
In the last 24 hours, the situation worsened for Bitcoin, as its price fell close to $60,600. Although it has slightly recovered, it is still trading down 2.5% for the day. Its market capitalization is currently around $1.19 trillion, and its dominance over altcoins has decreased to 50.5%.
Meanwhile, Toncoin emerged as a positive exception in the market, defying the general trend and recording a 5% increase, trading at around $6. Other cryptocurrencies, such as Ethereum and Ripple, experienced moderate declines, with Ethereum dropping to less than $2,950 and Ripple to $0.51. Solana, Dogecoin, and Polkadot also saw losses.
Among the largest capitalized cryptocurrencies, Binance Coin and Cardano stood out, adding more than 3% to their value. Currently, Binance Coin trades at $600, while Cardano is at $0.45. Other altcoins that showed notable gains include AKT, KAS, RUNE, PEPE, ATOM, HBAR, and LTC.
Despite these few cases of gains, the total value of the cryptocurrency market experienced a decline of $20 billion, falling below $2.4 trillion. Since last Monday, the overall metric has dropped by approximately $170 billion.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: PlanB Analysis and the Impact of Halving predicts that we will inevitably reach $100,000 in 2024. Veteran Trader Peter Brandt also believes that Bitcoin could reach new highs.