Bitcoin’s Price Movement
Bitcoin’s price nosedived yesterday to just under $86,000, but the asset bounced off and has recovered more than a grand since then.
Most altcoins are in the red on a daily scale, including XRP, SOL, and DOGE. Meanwhile, some cryptocurrencies have charted minor gains.
BTC Bounces
It was precisely a week ago when BTC’s price shot up above $87,500 following the Fed’s latest meeting and the conclusion of Ripple’s lawsuit. However, it couldn’t maintain its momentum and quickly slumped to $83,000.
BTC bounced back and mostly hovered around $84,000 during the weekend. It made a move on Sunday evening, continuing through Monday, spiking to $88,800 for the first time in just over two weeks.
However, the predominantly bearish momentum impacted this rally severely, with BTC dropping below $86,000 after a nearly $3,000 decline on Wednesday.
Despite this, it defended the level and quickly climbed back above it, currently trading around $87,500, over $1,500 higher than yesterday’s low. Its market cap has dropped to $1.735 trillion on CoinGecko, but its dominance over altcoins has slightly increased to 58.6%.
Altcoin Performance
Most altcoins have shown gains in recent days but have turned red now. Ethereum is down over 1.5%, nearing the $2,000 mark again. XRP slipped beneath $2.4 after a nearly 4% daily drop. Other cryptocurrencies like SOL, DOGE, and ADA have similarly marked losses, while SHIB plunged by 7%.
In contrast, BNB and TRX have gained around 1-2%. TON and TUI emerged as today’s top performers, surging by 7% and 9%, respectively, with the former trading close to $3.9 and the latter nearing $2.8.
The total crypto market cap has lost over $35 billion since yesterday, now sitting at $2.965 trillion on CoinGecko.
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