Bitcoin’s Price Volatility: A Rollercoaster Ride
BTC’s Down and Up
The business week started on a promising note for the primary cryptocurrency, which jumped from $68,000 to $69,500 to chart its highest price tag since late July. However, it faced an immediate rejection at that point, pushing it south to $67,000 by the end of the day and on Tuesday.
More volatility and price declines followed on Wednesday, as the bears initiated a massive leg down, driving BTC down to $65,000. Nevertheless, the bulls intervened, and bitcoin rose to almost $69,000 on two occasions on Thursday and Friday.
This is when the actual price fluctuations occurred following a report by the WSJ claiming that the US government had launched an investigation against Tether. Although the stablecoin issuer denied the claims, the damage was done, and BTC dumped by over $3,000 in minutes to $65,500.
It managed to recover some ground and now trades close to $67,000, but this volatility led to more than $400 million in liquidations. Being 1.3% down on the day means that its market cap has slipped to $1.32 trillion. However, BTC’s dominance over the alts has shot up to 55.7% on CG.
Alts Bleed Out
The news impacted the altcoins even more, as shown by the growing BTC dominance. Ethereum, Binance Coin, Tron, Ripple, Bitcoin Cash, and Cardano have dropped by 1-3.5% in the past day. SOL, DOGE, TON, AVAX, LINK, and SHIB have dumped even more, with losses of up to 5.3%.
Even more painful declines come from the likes of TIA (-14%), APT (-10%), MEW (-10%), KAS (-10%), AR (-10%), GALA (-10%), and JASMY (-9.5%).
Cryptocurrency Market Overview
Overall, the total crypto market cap has fallen to $2.37 trillion on CG, which means it has lost approximately $70 billion in a day.
Conclusion
The cryptocurrency market has faced significant volatility in recent days, with Bitcoin’s price experiencing a rollercoaster ride. The alts have taken an even bigger hit, with several coins experiencing significant declines. Despite this, the total crypto market cap remains resilient, suggesting that the underlying trend remains strong.
FAQs
Q: What caused the recent price fluctuations in Bitcoin’s price?
A: A report by the WSJ claiming that the US government had launched an investigation against Tether led to the price fluctuations.
Q: How did the altcoins fare in the recent price plunge?
A: The alts took an even bigger hit, with some coins experiencing declines of up to 5.3%.
Q: What is the total crypto market cap currently?
A: The total crypto market cap has fallen to $2.37 trillion.
Q: How has Bitcoin’s dominance over the alts changed?
A: Bitcoin’s dominance over the alts has shot up to 55.7%.
