Crypto Markets Shed $60 Billion in Value as Bitcoin (BTC) Plunges by $3K (Market Recap)
Bitcoin, the leading cryptocurrency, experienced a brief surge reaching an all-time high of over $65,500 before plummeting by over two thousand dollars. Other altcoins also saw significant losses, with DOGE, SHIB, and AVAX among the worst performers among larger market capitalizations.
BTC initially experienced a tumultuous week, hitting a two-month low of $56,500 on Wednesday. However, following the announcement by the US Fed that interest rates would not be raised, Bitcoin saw a rebound on Thursday and Friday. The asset climbed several thousand dollars, surpassing $60,000 and nearly reaching $64,500. On Monday morning, it spiked to a 12-day high of $65,500, only to be driven down by three thousand dollars under bearish pressure. As of now, BTC has slightly recovered to trade above $64,000 with a market cap of $1.260 trillion, while its dominance over altcoins stands at around 51%.
Unfortunately, the altcoin market has also taken a hit. SOL is the sole larger-cap altcoin in positive territory, with a 2% increase pushing it close to $160. On the other hand, DOGE has witnessed a 5.3% decline, falling below $0.16, while SHIB and AVAX have dropped by 6% and 5.8% respectively, with prices of $0.000024 and $37.
Similar trends are observed in mid-cap altcoins, with MATIC, HBAR, STX, PEPE, TAO, and ICP declining by 5-9%. RNDR remains the exception as it surpassed $10 following a 5% surge.
Overall, the cryptocurrency market capitalization has shrunk by approximately $60 billion in a single day, currently standing just below $2.5 trillion.