XRP and SOL Experience Strong Retracement, as BTC Price Hits Lowest Point in 2 Weeks (Crypto Market Update)
In a surprising turn of events, the cryptocurrency market witnessed a significant downturn over the past 12 hours. Bitcoin (BTC), the leading cryptocurrency, experienced a sharp drop to a 2-week low of $63,300. Following suit, other alternative coins, or altcoins, also faced downward pressure, with SOL and XRP leading the pack among larger-cap alts.
Bitcoin’s recent price movement has been quite tumultuous. Last Thursday, BTC plummeted to $63,400 before rebounding over the weekend and surging above $69,000. This surge was fueled by anticipation surrounding Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville. However, Bitcoin failed to sustain its momentum and was rejected, ultimately falling to $66,400 by the end of Monday. Tuesday and Wednesday proved to be relatively uneventful, with BTC hovering around $66,500.
Unfortunately, the past 12 hours brought another significant downturn for BTC, with bears aggressively pushing the primary digital asset downward. It reached a 2-week low of $63,300, resulting in over $200 million in liquidations. Although it has since rebounded to $64,500, BTC’s market cap has decreased to $1.270 trillion. However, it’s worth noting that BTC’s dominance over altcoins has increased to 52.6%.
Among the larger-cap altcoins, XRP, Ripple’s native token, experienced a noteworthy decline. Despite recently reaching a multi-month high of over $0.66, XRP faced a retracement of over 6% within the past day, settling at $0.6. Similarly, SOL, another prominent altcoin, saw an 8% decrease in value and is currently struggling below $170.
The entire cohort of altcoins also witnessed declines, including ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK, all dropping by approximately 2-5%.
Overall, the total crypto market cap suffered a loss of $70 billion overnight, slipping below $2.4 trillion on the CoinGecko platform earlier today. These recent market movements highlight the volatility and unpredictability inherent in the cryptocurrency market.