Markets
Cryptomarkets lost $60 billion as Bitcoin (BTC) fell by $3,000 (Market Watch)
The price of Bitcoin has been on the rise for a few days and reached a local peak of over $65,500 yesterday, but was immediately knocked down by over two thousand.
Altcoins are also deep in the red today, with DOGE, SHIB, and AVAX among the worst performers in the largest caps.
BTC stopped at US$65.5 thousand
The primary cryptocurrency had a highly volatile and painful last week, which culminated in a massive drop to a two-month low of $56,500 on Wednesday. Another rollercoaster followed when the US Fed said it would not raise interest rates later that day, but the real recovery began on Thursday and Friday.
In fact, the asset soared on Friday by several thousand dollars and surpassed $60,000. It continued to rise over the weekend and approached $64,500. After a brief pullback on Sunday, the asset went back on the offensive on Monday morning and soared to a 12-day peak from $65,500.
As the bulls prepared for another attack, the bears regained control and pushed bitcoin south by around three thousand dollars. As a result, BTC dropped to $62,650 (on Bitstamp).
It has recovered some ground since then and currently trades above $64,000. Its market capitalization has calmed at $1.260 trillion, but its dominance over alts has approached 51%.
Bitcoin/Price/Chart 07.05.2024. Source: TradingView
DOGE, SHIB, AVAX fall sharply
Altcoins rose strongly yesterday, but the trend has now changed for the majority. In fact, SOL is the only larger-cap alternative in the green right now, having approached $160 after a 2% rise.
In contrast, DOGE fell 5.3% to below $0.16, SHIB fell 6% to $0.000024, and AVAX fell 5.8% to $37.
The situation with mid-cap companies is similar, with MATIC, HBAR, STX, PEPE, TAO and ICP falling somewhere between 5-9%. RNDR is the only exception. The asset surpassed $10 after another 5% daily increase.
The total value of the crypto market has decreased by about $60 billion in one day and stands at just under $2.5 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.