BTC Price Fails to Surpass $60K, WIF Drops 5% Daily (Market Analysis)
Bitcoin attempted to break through the $60,000 mark but was unable to sustain its momentum, resulting in a decline in its price. Altcoins, with the exception of ETH and BNB, are lagging behind and experiencing losses.
After a tumultuous start to the previous week, Bitcoin showed signs of recovery, rising from below $49,500 on Monday to nearly $63,000 by Friday. However, the bullish trend did not last, and the cryptocurrency gradually lost value.
The weekend was relatively uneventful compared to the previous one, with BTC hovering around $61,000. But as Monday arrived, bears reemerged and pushed the price below $58,000.
Fortunately, there was no repeat of the massive crash from the previous Monday, and Bitcoin began to regain some ground. It briefly exceeded $60,000 but failed to hold that position and retreated to its current level of around $59,000.
Bitcoin’s market capitalization has slightly increased to just under $1.170 trillion, and its dominance in the altcoin market stands at 53.6%.
Among the few altcoins showing gains today are Ethereum and Binance Coin, which rose by approximately 2% to $2,640 and $520, respectively. Other altcoins, such as SOL, XRP, ADA, TRX, AVAX, SHIB, and DOT, experienced minimal losses.
SATS saw the biggest gain among the top 100 altcoins, surging by 18% in the past day. On the other hand, TAO and WIF suffered the greatest losses. TAO dropped by 6%, while the popular meme coin WIF declined by 5%.
The overall market capitalization of all cryptocurrencies has grown by under $20 billion since yesterday and currently stands just below $2.180 trillion.