Bitcoin continues to hold steady at $63,000 after reaching a high of $64,500. However, it has retraced slightly since then. Other larger altcoins like TON, ADA, and SHIB are experiencing slight declines of 2-4%.
In early May, Bitcoin experienced a significant slump, dropping to its lowest price in over two months at $56,500. The Federal Reserve’s decision not to raise interest rates further added to the volatility, causing Bitcoin to pump and dump by $2,000 in minutes. However, the gradual recovery began on Friday, bringing the price back up to $59,000.
The bulls then initiated another surge that pushed Bitcoin to and above $62,000. Yesterday, it reached a multi-day high of $64,500 but failed to break through that level. Currently, it trades above $63,000 with a dominance over altcoins nearing 51%.
Meanwhile, Dogecoin, the largest meme coin, continues its upward momentum, gaining another 6% in the past 24 hours and now trading at $0.16. Another standout performer among the top 36 altcoins is RNDR, which has seen an 8.5% increase and now trades at $9.
On the other hand, TON, SHIB, and ADA have experienced declines of 2-4%, while ETH, BNB, SOL, and XRP are also in the red but with less significant losses.
The total crypto market cap has decreased by approximately $40 billion since the recent peak, currently standing at $2.450 trillion.