Bitcoin Price Fluctuates After Brief Surge
Bitcoin’s price surged to a multi-day high of nearly $62,000 yesterday but faced a setback, leading to a decline of approximately $4,000. This downward trend has also affected altcoins, with Ethereum dropping 4.5% to just above $2,600.
BTC Drops to $58,000
The largest cryptocurrency experienced a volatile week but managed to recover most of its losses by the end. On Friday, Bitcoin approached $63,000, marking an increase of over $13,000 since the low point earlier in the week. The weekend saw a slowdown, with Bitcoin fluctuating between $60,000 and $61,000. However, Monday brought another decline, with the price dipping just below $58,000.
On Tuesday and Wednesday, Bitcoin rebounded, climbing close to $62,000 after the U.S. released its Consumer Price Index (CPI) data for July. Yet, the cryptocurrency faced another drop later, following reports that the U.S. government had transferred approximately $600 million to Coinbase Prime.
Just hours ago, Bitcoin hit a local low of just under $58,000. While it has managed to bounce back above this level, it remains down more than 4% for the day. The market capitalization has fallen to $1.150 trillion, and its dominance over other altcoins has decreased to 53.3%.
Altcoins Decline
Ethereum has been one of the worst performers among major altcoins in the past 24 hours, experiencing a drop similar to Bitcoin’s and settling at just above $2,400. This decline follows Jump Crypto’s recent Ethereum sale, which has fueled speculation about further price drops.
Other cryptocurrencies such as Binance Coin, Solana, Ripple, Toncoin, Dogecoin, Cardano, Shiba Inu, Bitcoin Cash, and Polkadot are also in the red. In contrast, Tron has recorded a slight increase.
From the mid-cap altcoin sector, TIA, WIF, and BRETT have been the biggest losers, each declining by approximately 7-9%.
The overall cryptocurrency market capitalization has decreased to $2.160 trillion, reflecting a loss of around $80 billion since yesterday.
