AVAX had been performing well recently but took a step back with a more than 10% decline in the last 24 hours.
Bitcoin is struggling to recover from the recent market downturn and is hovering around $41,000. Many other altcoins are also facing losses, with SOL dropping below $70, and AVAX experiencing a significant dip below $40.
Bitcoin’s Roller Coaster Ride: From $44,700 Peak to Volatile Times
Bitcoin recently experienced a surge, hitting $44,700 on Saturday, marking its highest price in over a year and a half. However, the bears reappeared, initiating a downturn with a drop below $41,000 on Monday. Despite a brief recovery, BTC slipped to just over $40,000 on Tuesday.
A quick rebound followed, reaching $42,000 almost immediately, and even the November CPI numbers in the US had limited impact. Nevertheless, another retracement occurred, pushing bitcoin below $41,000. Currently, the cryptocurrency is trading slightly above this level.
As the US Federal Reserve concludes the latest FOMC meeting today, more volatility is anticipated. Bitcoin’s market cap has decreased to $805 billion, but its dominance over altcoins has strengthened, reaching 52.2%.
BTCUSD. Source: TradingView
Cryptocurrency Market Overview: Top Performers and Market Retraction
Avalanche’s native token, AVAX, recently stood out as a top performer, surging over 80% weekly and reaching a multi-month peak above $40. However, it experienced a 12% daily loss and is currently trading at $36. Solana (SOL) also made waves but now hovers below $70 after a 7% daily drop.
Other major cryptocurrencies like Ethereum, Ripple, Cardano, Dogecoin, Tron, Polkadot, Chainlink, and Polygon are all in the red on a 24-hour scale. Despite this market-wide retracement, there are exceptions with ELF posting over a 13% gain, followed by FTT (6%), NEO (5%), and ATOM (5%).
Cryptocurrency Market Overview. Source: Quantify Crypto
However, the total crypto market cap has seen a substantial overnight decrease, losing over $30 billion and settling at $1.540 trillion on CoinMarketCap.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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