Bitcoin’s price hasn’t been very exciting lately. It hasn’t managed to climb above the $64,000 mark and has stayed just below it.
Many other altcoins are also not showing much movement. ADA and BCH have seen small decreases in their prices, while NEAR and PEPE have experienced the most significant gains.
Bitcoin’s Rollercoaster Weekend and the Approach of Its Fourth Halving
BTCUSD. Source: TradingView
Bitcoin experienced significant volatility over the weekend, with sharp declines on Friday and Saturday. On Friday, it dropped by six thousand dollars to $65,000, followed by another decline to just over $61,000 the next day. These sudden drops were attributed to external factors such as comments from the US Federal Reserve and tensions between Iran and Israel.
However, Bitcoin started to recover on Sunday and Monday morning, briefly jumping to just over $67,000. Yet, this rebound was short-lived, and the cryptocurrency began losing value again shortly after.
Despite some attempts to rally, Bitcoin has struggled to maintain momentum and is currently trading below $64,000 after failing to break through that resistance line. Its market capitalization has dipped to $1.250 trillion, but it still dominates over 51.5% of the total cryptocurrency market according to CoinGecko.
As Bitcoin’s fourth halving approaches, which is typically seen as a bullish catalyst for future price increases, investors are closely monitoring its performance in the lead-up to the event.
Weekend Crash Hits Altcoins Hard, NEAR and PEPE Buck the Trend
Cryptocurrency Market Overview. Source: QuantifyCrypto
The recent weekend crash dealt a severe blow to most altcoins, with many experiencing double-digit declines over both days. While some have managed to rebound from their lows, overall sentiment remains gloomy.
Major altcoins like ETH, BNB, ADA, AVAX, BCH, DOT, and LINK are still trading in the red, while only SOL, XRP, TON, DOGE, and SHIB have seen modest gains.
Among the standout performers are NEAR Protocol’s native token and the meme coin PEPE, which have surged by about 6% and 5%, respectively, in a single day.
Despite these individual gains, the total cryptocurrency market cap continues to hover near precarious levels, threatening to dip below $2.4 trillion according to CoinGecko.
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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