- Bitcoin’s price has seen a significant drop, followed by a brief surge, and then another drop, following the Federal Reserve’s decision not to increase interest rates.
- Altcoins such as Solana, Ripple, Polkadot, ICP, PEPE, and others have experienced impressive gains.
- Bitcoin’s market dominance has decreased to 50%, while the total crypto market cap has regained around $50 billion.
Explore the latest developments in the crypto market, including Bitcoin’s volatile price movements and the impressive gains of various altcoins.
Bitcoin’s Volatility Continues
Bitcoin’s price has been on a rollercoaster ride in recent days. After trading firmly above $60,000 and even nearing the $65,000 level, the primary cryptocurrency began to lose value amid large outflows of US ETFs and the disappointing debut of Hong Kong-based ones. The situation worsened as Bitcoin slumped to a two-month low of $56,500, resulting in more than $500 million in liquidations.
However, the US Federal Reserve’s decision not to hike interest rates led to a brief surge in Bitcoin’s price, with it jumping by two grand and nearing $60,000. This recovery was short-lived, though, with the price dropping back down to its starting position. As of now, Bitcoin stands close to $58,000, with its market cap up to $1.140 trillion. Its dominance over altcoins has taken a major hit, dropping to 50%.
Relief for Altcoins
Alternative coins, which suffered just as badly, if not worse, than Bitcoin in recent days, have shown more impressive gains. Solana is among the top performers, with SOL up by 11.5% and trading above $130. Other altcoins such as PEPE, SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP have also seen increases between 6% and 12%.
The total crypto market cap has managed to regain around $50 billion from yesterday’s low, nearing $2.3 trillion. This recovery offers some relief to altcoin investors following the recent market volatility.
Conclusion
While Bitcoin’s price continues to fluctuate, altcoins are showing promising gains. The crypto market cap has also seen a significant recovery. However, the market remains volatile, and investors should stay informed and cautious.
