In a challenging week for the cryptocurrency market, Bitcoin (BTC) has faced strong volatility after a brief period of recovery. BTC, which had experienced significant appreciation at the start of the month, quickly reversed course, plummeting to a two-month low of $56,500 last week.
Now, despite an attempted recovery fueled by the US Federal Reserve’s decision to keep interest rates stable, BTC is now struggling to stay above the $62,000 level. At the time of publication, the price of BTC was quoted at US$62,245.48 with a drop of 3% in the last 24 hours.
Crypto Market Today
The outlook for altcoins is also downward. Coins such as Dogecoin (DOGE), Solana (SOL) and Cardano (ADA) recorded drops of more than 5% in the last 24 hours.
At the height of its recent rally, Bitcoin briefly surpassed $65,000, reaching a 12-day high. However, this rally was short-lived as the price dropped to $63,000 before wavering again, marking a further drop to just over $62,000. This recent instability has directly impacted the cryptocurrency’s market capitalization, which has seen a significant reduction, reflecting market hesitancy.
Meanwhile, other large-cap cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB) have also faced pullbacks. ETH fell to around $3,000, while BNB regressed to $580. This negative trend is not limited to just the most well-known cryptocurrencies, with several low- and mid-cap coins recording significant drops, such as WIF, ZBC, JUP, SUI, and FLOKI.
The total value of the crypto market followed a similar trajectory, dropping to $2.4 trillion, a notable decrease of $100 billion in a single day, and $150 billion since the start of the week. This widespread decline reflects persistent uncertainties that continue to negatively influence investor appetite.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/mercado-de-criptomoedas-enfrenta-queda-bitcoin-luta-nos-us-62-mil-enquanto-altcoins-desabam/