After several days of moving north, Bitcoin has finally cooled off and lost some momentum, with the price falling to around $34,000.Thank you for reading this post, don't forget to subscribe!
Most altcoins have declined even more. In the case of some, such as MATIC, DOT, AVAX and UNI, prices fall by up to 6% in a day.
BTC is volatile at $34K
It’s safe to say that the bulls dominated this week, at least for now. After a relatively uneventful weekend, BTC rose above $30,000 on Monday and continued rising through the end of the day and into Tuesday morning.
This culminated in a massive rally from several majors, pushing the primary cryptocurrency to a 17-month peak of $35,200. This comes amid speculation about the upcoming approval of BlackRock’s Spot BTC ETF application and a craze for the product’s ticker.
Inevitably, a retracement came, but it was quite short-lived as Bitcoin started gaining value once again and challenged the $35,000 line once again on Wednesday. However, it was once again immediately rejected and has suffered a huge loss since then.
As of now, BTC trades at around $34,000. Its market capitalization has dropped to $665 billion, while its dominance over altcoins has increased slightly and stands at just over 53% on CMC.
The biggest meme coins were in the headlines yesterday, with DOGE, SHIB, and PEPE seeing massive double-digit gains. Although these three are not in the red on the daily scale, FLOKI – another meme coin – has taken the lead with a massive 30% increase. As a result, the asset has rejoined the top 100 options by market cap with a price tag of around $0.00004.
The rest of the large-cap stocks have followed the example set by DOGE and SHIB today. Ethereum is down more than 4% and is trading below $1,800. Even greater daily losses come from Polygon, Polkadot, Avalanche, Uniswap, HBAR, LDO and APT – with a decline of up to 7% in the case of LDO.
BNB, XRP SOL, ADA, TRX, TON, LINK and LTC are also in the red from large-cap options.
The total crypto market cap has declined by about $20-30 billion per day and has dropped to $1,250 trillion.
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