- Bitcoin’s price correction ended just shy of $72,000 following strong ETF inflows yesterday.
- While most altcoins have seen minor declines today, BNB remains above $700, though LINK has dropped by 3%.
- Despite the retracement, Bitcoin maintains a market cap just under $1.4 trillion and a market dominance of 50.3%.
Following an impressive surge, Bitcoin faces correction as altcoins witness minor declines amidst market volatility.
BTC Struggles to Hold Above $71K
After a subdued weekend with prices lingering around $67,500, Bitcoin saw a notable increase on Monday, briefly surpassing $70,000. By mid-week, it had surged to a 15-day peak at $71,767 due to substantial ETF inflows.
However, this upward momentum was short-lived. Bitcoin retracted slightly, now trading just below the $71,000 mark. Its current market cap hovers near $1.4 trillion, underscoring its dominant position with over 50% of market share.
Altcoins See Minor Pullbacks
Following significant gains, top altcoins including BNB, SOL, XRP, and ADA have experienced minor corrections. BNB remains above the $700 threshold, while LINK and UNI have seen more pronounced declines, down 3% and 4.5%, respectively.
Moreover, meme coins such as WIF, FLOKI, and BONK have also seen their values drop by 6%, 5%, and 4.5%, respectively. Despite these declines, the overall cryptocurrency market cap remains robust, close to $2.8 trillion.
Conclusion
The recent market volatility underscores the inherent fluctuations in cryptocurrency values, particularly following substantial gains. Bitcoin’s inability to sustain its peak price and the minor retracements in altcoins highlight the unpredictable nature of this market. Nevertheless, the continued strength in BTC’s market cap and dominance is a testament to its resilience, providing a cautiously optimistic outlook for long-term investors.
