Bitcoin Price Struggles Continue
Bitcoin’s price has faced continued struggles in the past day, dropping to $65,300 for the first time since last Friday amid uncertainty from the US government.
Altcoins in the Red, XRP Soars
Alongside Bitcoin, altcoins are also in the red today, with the exception of XRP, which surged to a multi-month peak of over $0.66 earlier.
BTC Slips to $65.3K
After a volatile end to the previous business week, where Bitcoin plummeted below $63,500 on Thursday but quickly rebounded to $67,000, the weekend saw more ups and downs. Donald Trump’s appearance at the Bitcoin Conference in Nashville caused further volatility, with the asset fluctuating by three thousand dollars within a few hours on Saturday evening.
Monday started positively, with Bitcoin reaching a 7-week high of $70,000. However, this was short-lived as bearish pressure pushed the price back down. The cryptocurrency was violently rejected at the $70,000 mark, resulting in a drop of nearly $5,000 and hitting a multi-day low of $65,300 on Bitstamp.
While Bitcoin has managed to recover some ground, the overall market remains uncertain.
Bitcoin Price Update
Despite some fluctuations, BTC is currently trading at just over $66,000, remaining in the red on a daily scale. Its market cap has also dropped to under $1.310 trillion, with its dominance over other altcoins at 52.3% according to CoinGecko.
XRP Surpasses Expectations
While many other larger-cap altcoins have experienced losses in the past 24 hours, XRP has defied the odds by reaching a multi-month peak of over $0.66. This unexpected surge in value has left many in the crypto community intrigued about the reasons behind it.
Market Trends
Other altcoins such as ETH, BCH, and ADA have seen minor losses, while DOGE, TRX, AVAX, SHIB, LINK, DOT, and UNI have all declined by around 3% each. However, assets like KAS, XLM, and BNB have actually increased in value since yesterday, bucking the overall trend of the market.
Total Market Cap
The total cryptocurrency market cap has seen a $20 billion decrease, now standing at $2.5 trillion according to CoinGecko. Despite the fluctuations, the crypto market continues to be dynamic and full of surprises.
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