Bitcoin Plummets to a Two-Week Low
After the recent crash on Monday that saw Bitcoin plummet by several thousand dollars, the market experienced a similar scenario in the past 12 hours. The price of Bitcoin dropped to a two-week low of $63,300, causing concern among investors and traders.
Altcoins Follow Suit
Following Bitcoin’s decline, most alternative coins also saw a decrease in their prices, with the majority of the market turning red today. Solana (SOL) and Ripple (XRP) were among the larger-cap altcoins that led the way in the market downturn.
Bitcoin’s Rollercoaster Ride
Bitcoin’s price has been on a rollercoaster ride recently, with significant fluctuations in a short period of time. After a volatile Thursday last week that saw Bitcoin drop to $63,400, the cryptocurrency made a strong recovery during the weekend, reaching above $69,000 on Saturday.
The excitement surrounding Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville contributed to the price surge. However, the momentum was short-lived as Bitcoin struggled to maintain its gains and dropped to $66,400 by the end of Monday.
Despite briefly reaching a 7-week peak at $70,000 on Monday, Bitcoin’s inability to sustain that level led to a sharp decline in its price. The following days were relatively stable, with Bitcoin hovering around the $63,300 mark.
Bitcoin Price Plunge
In the last 12 hours, the price of Bitcoin took a sharp nosedive, with bears pushing the primary digital asset to a 2-week low of $63,300 on Bitstamp. This led to over $200 million in liquidations as the market saw a significant sell-off.
Bitcoin Market Cap and Dominance
Despite a slight bounce back to $64,500, Bitcoin’s market cap has dropped to $1.270 trillion. However, its dominance over the alternative coins is on the rise, currently standing at 52.6%.
Altcoins in Decline
While Ripple’s native token recently surged to a multi-month high of over $0.66, it has since retraced by over 6% in the past day, falling to $0.6. Solana (SOL) has also seen a decline of 8% and is now struggling below $170.
Other major altcoins such as Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), Avalanche (AVAX), Cardano (ADA), Shiba Inu (SHIB), and Chainlink (LINK) are all in the red, dropping by 2-5%.
Total Crypto Market Cap
Overnight, the total cryptocurrency market cap has seen another $70 billion disappear, reflecting the overall bearish sentiment in the market.
Cryptocurrency Market Update
Today, the cryptocurrency market experienced a significant drop in value, falling below $2.4 trillion on CoinGecko. This sudden decrease has left investors feeling uncertain about the future of digital assets.
Current State of the Cryptocurrency Market
As reported by QuantifyCrypto, the cryptocurrency market is currently facing a period of volatility. Prices of popular cryptocurrencies have been fluctuating, causing concern among traders and investors.
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For those looking to take advantage of the current market conditions, there are exclusive offers available. Binance is offering a $600 welcome bonus for new users, while BYDFi Exchange has a limited-time promotion with up to $2,888 in rewards.
It is important to note that all information provided on this website is for educational purposes only and should not be taken as financial advice. Investors are encouraged to do their own research before making any investment decisions and to use caution when trading in the volatile cryptocurrency market.
Stay informed and stay safe when navigating the world of digital assets. Remember to always exercise caution and diligence in your investment strategies.
