After several days of heading north, bitcoin has finally calmed and lost some steam, with a price drop to around $34,000.
Most altcoins have declined even more. In the case of some, such as MATIC, DOT, AVAX, and UNI, the price drops are up to 6% in a day.
BTC Unstable at $34K
It’s safe to say that the bulls dominated this week, at least for now. Following the relatively uneventful weekend, BTC pumped to and above $30,000 on Monday and kept going higher by the day’s end and on Tuesday morning.
This culminated in a massive leg-up of several grand that pushed the primary cryptocurrency to a 17-month peak at $35,200. This came amid speculations about an incoming approval of BlackRock’s spot BTC ETF application and a craze around the product’s ticker.
Inevitably, a retracement followed, but it was quite short-lived as bitcoin started gaining value once more and challenged the $35,000 line once again on Wednesday. However, it was quickly rejected once again and has lost about a grand since then.
As of now, BTC trades at around $34,000. Its market capitalization has declined to $665 billion, while its dominance over the altcoins has gained some traction and is at just over 53% on CMC.
FLOKI Skyrockets
The largest meme coins took the spotlight yesterday, with massive double-digit gains seen from DOGE, SHIB, and PEPE. Although all three are not in the red on a daily scale, FLOKI – another meme coin – has taken the lead with a massive 30% surge. As a result, the asset has reentered the top 100 alts by market cap with a price tag of almost $0.00004.
The rest of the larger-cap alts have followed the example set by DOGE and SHIB today. Ethereum has dumped by over 4% and trades way below $1,800. Even more daily losses come from the likes of Polygon, Polkadot, Avalanche, Uniswap, HBAR, LDO, and APT – with declines of up to 7% in the case of LDO.
BNB, XRP SOL, ADA, TRX, TON, LINK, and LTC are also in the red from the larger-cap alts.
The total crypto market cap has shed about $20-30 billion daily and is down to $1,250 trillion.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
