Bitcoin has experienced significant price fluctuations in the past few days, causing distress among investors. The cryptocurrency slumped to $65,000, marking a monthly low after a brief pump to $70,000 earlier in the week. The volatility was fueled by growing anticipation and fear surrounding the US CPI numbers and the FOMC meeting.
The Altcoin Market
Not only has Bitcoin been affected by the recent market turbulence, but altcoins have also taken a hit. NEAR, FIL, and FET have experienced substantial declines, mirroring Bitcoin’s downward trend. While some altcoins have been able to recover slightly, most remain in the red.
The market capitalization of Bitcoin has slipped to $1.3 trillion, with over $200 million worth of liquidations occurring in the past 24 hours. Despite the decline, Bitcoin still maintains dominance over the altcoins, with a market share of over 51%. The total crypto market cap has also seen a significant decrease of about $50 billion overnight.
Several altcoins have witnessed notable price declines in response to Bitcoin’s downward trajectory. Solana, DOGE, SHIB, AVAX, DOT, and ADA have all experienced price drops ranging from 2-5%. However, TON and UNI have bucked the trend by posting slight gains. NEAR, FIL, FET, and AR are among the altcoins that have suffered the most significant losses.
Overall, the recent price movements in the cryptocurrency market have left investors on edge. The uncertainty surrounding economic indicators and regulatory developments continues to impact the market, leading to increased volatility and liquidations. As Bitcoin and altcoins navigate through this challenging period, it remains to be seen how the market will react in the days to come.
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