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Bitcoin’s price was on a roll for a few days and tapped a local peak of over $65,500 yesterday but was pushed down immediately by over two grand.
The altcoins are also deep in the red today, with $DOGE, $SHIB, and $AVAX among the poorest performers from the larger caps.
$BTC Stopped at $65.5K
The primary cryptocurrency had a highly volatile and painful last week, which culminated with a massive drop to a two-month low of $56,500 on Wednesday. Another rollercoaster followed when the US Fed said it would not be raising the interest rates later that day, but the actual bounce-off began on Thursday and Friday.
In fact, the asset skyrocketed on Friday by several grand and blew past $60,000. It kept climbing during the weekend and neared $64,500. After a brief retracement on Sunday, the asset went on the offensive Monday morning again and shot up to a 12-day peak of $65,500.
As the bulls were preparing for another charge up, the bears resumed control and pushed bitcoin south by roughly three grand. As a result, $BTC slumped to $62,650 (on Bitstamp).
It has recovered some ground since then and currently trades above $64,000. Its market cap has calmed at $1.260 trillion but its dominance over the alts has neared 51%.
$DOGE, $SHIB, $AVAX Go Down Hard
The altcoins were surging hard yesterday, but the trend has now changed for most. Actually, SOL is the only larger-cap alt in the green now, having neared $160 after a 2% increase.
In contrast, $DOGE has dumped by 5.3% to under $0.16, $SHIB is down by 6% to $0.000024, and $AVAX has retraced by 5.8% to $37.
The situation with the mid-cap alts is similar, with MATIC, HBAR, STX, PEPE, TAO, and ICP declining by somewhere between 5-9%. RNDR is the only exception. The asset has soared past $10 after another 5% daily surge.
The total crypto market cap has declined by about $60 billion in a day and is at just under $2.5 trillion.
beincrypto.com
newsbtc.com
blockchainreporter.net