Bitcoin Price Volatility Continues
Bitcoin experienced a significant price increase yesterday, nearly reaching $60,000 following the release of CPI numbers. However, the momentum quickly faded, and the price retraced by more than $2,000.
Altcoins Struggling
While most altcoins have been showing sluggish performance on a daily basis, there are some notable losers in the market, including BONK, RNDR, BRETT, PEPE, and WIF.
BTC Faces Selling Pressure
Last Friday, Bitcoin saw a sharp decline to below $54,000, hitting a multi-month low. The digital asset managed to bounce back over the weekend, briefly climbing above $58,000. However, this upward movement was short-lived as selling pressure pushed the price back down.
The beginning of the week brought more volatility, with Bitcoin experiencing another cycle of price increase and decrease between $58,000 and $55,000. Despite an attempt to break above $59,000 later in the week, Bitcoin failed to sustain the upward momentum.
Yesterday, the release of better-than-expected US CPI numbers briefly pushed Bitcoin to a multi-day high of $59,500. Yet, once again, selling pressure emerged, causing the price to drop back down.
Bitcoin Price Update
Currently, the price of bitcoin has surpassed $57,000, with a market cap of over $1.130 trillion. Its dominance in the market remains below 51%, according to CG data.
Altcoin Movement
Following the release of CPI numbers, most altcoins experienced a similar downward trend, but have since stabilized at similar levels. Some notable altcoins like ETH, BNB, SOL, DOGE, XRP, and SHIB are showing slight losses, while LINK has dropped by more than 3%.
On the other hand, AVAX, TRX, TON, DOT, and ADA are experiencing slight gains in the daily trading.
Top Losers and Gainers
Among the mid-cap altcoins, BONK has seen the biggest decline with a loss of 11%, followed by RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).
Total Market Cap
The total cryptocurrency market cap has seen a slight decrease, now standing at $2.220 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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