BITCOIN AND ALTCOIN MARKET ANALYSIS
BITCOIN’S PRICE MOVEMENTS TOUGHEN
Bitcoin’s price movements took another turn for the worse yesterday with a dip to $65,000, but the asset has managed to recover most of its losses as of now. Most altcoins have also bounced off, aside from ADA and ETH, both of which are deep in the red today as well.
BTC RECOVERS $2K
After the relatively calm weekend in which the primary cryptocurrency stood in a tight range between $68,000 and $68,500, the asset went on the offensive at the start of the business week. It skyrocketed on Monday morning to $69,500, which became its highest price tag in almost three months.
However, the landscape started to change in the following hours, and BTC found itself slipping to and below $67,000 on the same day. Tuesday was less volatile, as the cryptocurrency remained around that level.
The bears remained persistent, though, and propelled another leg down that resulted in a price drop to $65,000 on Bitstamp yesterday. This became Bitcoin’s lowest position since October 15.
Nevertheless, the asset bounced off and has recovered over two grand since then. It currently trades just north of $67,000, and its market cap is up to $1.326 trillion on CG. Its dominance over the alts has increased as well to 54.9%.
ALTCOIN UPDATE
The biggest gainer during the weekend was undoubtedly ApeCoin’s native asset. The popular meme coin exploded by triple digits on Sunday after the launch of the protocol’s Apechain. It re-entered the top 100 alts and reached a multi-month peak of $1.7. However, it has lost some of its momentum since then. APE is down by 10% in the past 24 hours alone and now struggles at $1.14.
In contrast, GOAT and SAFE are now a part of the top 100 alts following gains of 32% and 79% in the past day. POPCAT has soared by 17%, followed by MEW (12%), JUP (8%), and PYTH (6.6%).
Cardano, Ethereum, Shiba Inu, and Chainlink are in the red from the larger-cap alts, while SOL, BNB, TRX, SUI, and UNI have turned green.
MARKET OVERVIEW
The total crypto market cap has remained at essentially the same spot as yesterday at just over $2.4 trillion on CG.
CONCLUSION
The crypto market is experiencing a rollercoaster ride, with Bitcoin’s price movements taking another turn for the worse. However, the asset has managed to recover most of its losses. The altcoins, on the other hand, have bounced off, with a few exceptions. The market remains volatile, and investors should exercise caution when making investment decisions.
FAQs
Q: What happened to Bitcoin’s price?
A: Bitcoin’s price dipped to $65,000 yesterday but has recovered most of its losses.
Q: Which altcoins are performing well?
A: GOAT, SAFE, POPCAT, MEW, JUP, and PYTH have seen significant gains in the past 24 hours.
Q: How has the total crypto market cap changed?
A: The total crypto market cap has remained at around $2.4 trillion on CG.
Q: Are there any bearish signs in the market?
A: Yes, Cardano, Ethereum, Shiba Inu, and Chainlink are in the red from the larger-cap alts.
