The recent performance of Bitcoin has been a rollercoaster ride for investors. Last week, the cryptocurrency dipped below the US$69,000 mark, sparking market interest. Despite briefly surpassing the US$70,000 level early this week, Bitcoin faced resistance and experienced a significant drop of over $2,000.
Following the release of economic data in the United States, Bitcoin reached a high of $72,000 before encountering another wave of selling pressure, causing it to fall to a low of $68,500. Despite a slight recovery, Bitcoin’s price remained above $69,000 but still saw a 2.7% daily decrease. This led to a decrease in Bitcoin’s market capitalization to $1.366 trillion, although its dominance in the altcoin market increased to 50.8%. At the time of writing, Bitcoin was trading at US$69,294.94, marking a 2% drop in the last 24 hours.
Altcoins, on the other hand, proved to be even more vulnerable to market fluctuations. Ethereum saw a 3.5% decline, dropping below $3,700, while other coins like Binance Coin (BNB) and Solana (SOL) also experienced significant losses. Cryptocurrencies such as Dogecoin, Avalanche, Chainlink, Polkadot, NEAR, UNI, and MATIC suffered losses ranging from 7% to 8%.
In a sea of red, Filecoin (FIL) stood out with notable gains, while others like dogwifhat (WIF), GALA, THORChain (RUNE), CORE, Chiliz (CHZ), Fetch.ai (FET), Optimism (OP), and Fantom (FTM) saw declines of over 10%.
It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, Bitcoin has shown stability around the $68,000 mark, while NOT has surged by 320%. Additionally, there are suggestions that Bitcoin could follow a similar recovery pattern as seen in the stock market, according to Peter Brandt.