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.
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.
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