- Bitcoin’s price has stabilized at around $62,000 following a period of volatility, with the market awaiting the release of the April US CPI numbers.
- Most altcoins have experienced a downturn, with ETH falling to $2,900 and BNB losing over 3% of its value.
- Meme coin FLOKI has seen significant gains, increasing by about 14% and now trading at $0.00022.
Bitcoin steadies at $62,000 as the market anticipates US CPI data, while altcoins experience a downturn. Meme coin FLOKI bucks the trend with a 14% increase.
Bitcoin Holds Steady at $62,000
Bitcoin experienced a turbulent end to the previous week, with its price soaring to almost $64,000 on Friday before a swift correction brought it down by more than three grand, resulting in the asset falling to $60,150 at the end of the day. However, the bulls managed to intercept the move and prevented a price drop to under $60,000. Instead, BTC reclaimed some ground over the weekend and primarily hovered around $61,000. Monday saw a more significant price increase that pushed bitcoin to just over $63,400. Despite this, the cryptocurrency failed to maintain its run and fell back down to $61,200 amid some Coinbase issues. More volatility ensued during the day, but BTC has since climbed slightly to just over $62,000. The market is now awaiting the US CPI numbers for April, which are due to be announced in a few hours.
Altcoins in the Red, FLOKI on the Rise
While Bitcoin has managed to hold steady, most altcoins are currently in the red. ETH has declined to $2,900, and BNB has lost more than 3% of its value. Other larger-cap altcoins such as DOGE, ADA, SOL, and AVAX have also experienced significant declines. However, not all coins are following this trend. Meme coin FLOKI has charted impressive gains, soaring by about 14% and now trading at $0.00022. Other meme coins such as Pepe and AR have also seen gains, while WLD, ENA, TIA, WIF, and STX have lost the most value within the same timeframe. As it stands, the total crypto market cap remains at just under $2.4 trillion.
Conclusion
Bitcoin’s price has managed to stabilize following a period of volatility, with the market now awaiting the release of the US CPI data. Most altcoins have seen a downturn, but meme coin FLOKI has bucked the trend with a 14% increase. As the crypto market continues to fluctuate, investors will be keeping a close eye on these developments.
