The price of Bitcoin has once again lost its momentum, retracing back down to around $42,000 over the past 24 hours. This comes after a week of highs and lows for the leading cryptocurrency. Just a week ago, Bitcoin experienced a surge in price to $44,700, marking its highest price tag in over a year and a half. However, things took a turn for the worse as Bitcoin’s value started to decline.
The downward trajectory began on Monday when Bitcoin dropped by over three thousand dollars in just a few hours, slipping beneath the $41,000 mark. The decline continued on Tuesday, reaching a weekly low of $40,200. Despite these setbacks, the bulls attempted to push Bitcoin’s price back up to $43,000 amidst the release of US CPI data and the FOMC meeting. However, the volatility caused by the Ledger vulnerabilities led to wild price fluctuations, with Bitcoin experiencing a $1,500 swing in just a few hours on Thursday.
While Bitcoin struggled to regain its momentum, altcoins faced a similar fate. Most altcoins are currently in the red, with Solana (SOL) and Cardano (ADA) taking the hardest hit, both dropping by over 5%. Solana, which had been experiencing a surge in value due to the popularity of the BONK movement, is now down by 6.5% but still trades above $70. Cardano, on the other hand, declined by a similar percentage but managed to remain above $0.6. Other major altcoins such as Dogecoin (-3%), Chainlink (-4%), Ripple (-2%), Ethereum (-1.5%), and Binance Coin (-1.2%) are also experiencing losses.
While most altcoins are in the red, Internet Computer (ICP) is the exception. ICP has experienced a massive surge of nearly 40% and is now valued close to $9. This sudden rise in price has set ICP apart from the rest of the market.
The overall crypto market has seen a decline of around $30 billion in just one day, bringing the total market capitalization close to breaking below $1.6 trillion. Bitcoin’s market capitalization has also suffered, dropping to $825 billion. Its dominance over the altcoins has decreased to 51.6%.
The Uncertain Path Ahead for Bitcoin
Bitcoin’s struggle to regain its momentum raises questions about its future path. The recent volatility and price declines have left investors uncertain about the market’s stability. As the market reacts to various factors such as CPI data and vulnerabilities in wallet systems, it becomes increasingly important for investors to closely monitor the developments in order to make informed decisions.
Bitcoin’s price has experienced significant volatility over the past week, with the current price falling below $42,000. This decline has also affected the altcoin market, with most major altcoins in the red. However, amidst the losses, Internet Computer (ICP) has surged by nearly 40%. The total crypto market capitalization has also declined, leaving investors unsure about the future direction of the market.
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