Following a week of excitement in the world of cryptocurrencies, investors have hit the pause button on their activities, causing a slight dip in the overall market value, which now stands at approximately US$2.45 trillion. This adjustment represents a decrease of about US$40 billion in the past 24 hours, impacting numerous cryptocurrencies.
Bitcoin, which had soared to heights above US$66 earlier in the week, faced some resistance. The selling pressure pushed the price of the leading cryptocurrency below US$64, resulting in a 2% drop for the day.
Despite the fall in the price of Bitcoin, its market dominance, a measure comparing its market capitalization to other cryptocurrencies, saw a slight decrease to 51.2%, indicating a relatively stronger performance of alternative coins.
Currently, Bitcoin is attempting to climb back above the $66,000 mark. If BTC can hold above $65,500, there is a chance of a recovery towards $68,000. As of the time of writing, the price of BTC stood at US$65,700, up 2% in the last 24 hours.
In the cryptocurrency market today, the major altcoins are experiencing fluctuations between highs and lows. Ethereum (ETH) is striving to reclaim its value above $3,500. XRP has dipped below $0.60, but bulls are now attempting to push the price back up. Cardano (ADA) has maintained stability above the $0.42 support level, while Solana is showing strength above $165, up 4.5%.
While most altcoins have seen declines, some have managed to shine amidst the general selling pressure. TRX and TON have stayed in positive territory, while AVAX, UNI, and MATIC have experienced drops ranging from 1% to 2%. Mantle and POPCAT have seen a 10% increase, and WIF was up 5% in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin crosses $63,000 mark; Mog Coin and PENDLE surge over 10% Bitcoin surpasses $66,000 in a strong recovery; XRP shines with impressive gains.