Mostly altcoins remained relatively stagnant, showing minimal to no significant movements. One exception was LINK, which demonstrated a notable increase, jumping by around 5%.
Yesterday, Bitcoin experienced another drop, reaching a new monthly low of under $40,500. However, it rebounded effectively, surging back above $42,000 within hours.
Altcoin Market Dynamics: Contrasting Performances
In the realm of larger-cap altcoins, Chainlink stands out as one of the notable gainers on a daily scale, surging by more than 5% and currently trading above $16. Following suit, Cardano’s native token experienced a 3% increase, pushing its value beyond $0.5. Other cryptocurrencies like Uniswap, Litecoin, Dogecoin, Tron, and Binance Coin are also showing positive momentum.
However, not all altcoins share the same fate. Avalanche retraced by 4%, settling at $32, while Solana faced a 3% decline, nearing the $90 mark. MATIC, too, shed 3% of its value, now at $0.76.
On the downside, cryptocurrencies such as ARB, LDO, OP, INJ, and NEAR are experiencing further losses. The total crypto market cap witnessed a decline of approximately $10 billion overnight but still hovers just above $1.6 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
Bitcoin’s Turbulent Week: Rollercoaster, Recovery, and Continued Pressure
Bitcoin had a rollercoaster week, experiencing two distinct phases. Initially, it surged beyond $49,000 when 11 spot BTC ETFs entered the US markets, only to undergo a significant drop of over $3,000 shortly after. The situation worsened towards the end of the week, resulting in an overall loss of over $7,000 in approximately 36 hours—an outcome attributed to a sell-the-news event.
Following this, Bitcoin managed to recover some ground, reaching $43,000 over the weekend. Subsequently, it entered a period of sideways trading for nearly a week. However, the positive momentum was short-lived as another decline unfolded. Bitcoin dipped below $41,000 and touched $40,400 on Bitstamp, marking the first time in over a month.
BTCUSD. Source: TradingView
Although Bitcoin briefly bounced back above $42,000, persistent negative sentiment exerted pressure, causing it to drop back to $41,500, where it currently stands. Bitcoin’s market capitalization remains slightly above $810 billion, and its dominance over altcoins is still below 50%.
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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