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
According to a recent article by CryptoPotato, Bitcoin’s price has been volatile this week. It surged to a 17-month peak at $35,200 following speculations about the approval of BlackRock’s spot BTC ETF application and hype around the product’s ticker. However, the retracement was short-lived as Bitcoin started gaining value once more and challenged the $35,000 line on Wednesday. Unfortunately, it was quickly rejected and has lost about a grand since then. Currently, BTC trades at around $34,000, with a market capitalization of $665 billion and a dominance over altcoins at just over 53%.
In other news, meme coins have taken the spotlight recently. Coins like DOGE, SHIB, and PEPE saw massive double-digit gains. However, FLOKI, another meme coin, has surpassed them all with a 30% surge. As a result, FLOKI has reentered the top 100 alts by market cap with a price tag of almost $0.00004. Meanwhile, larger-cap altcoins such as Ethereum, Polygon, Polkadot, Avalanche, Uniswap, HBAR, LDO, and APT have all seen losses ranging from 4% to 7%. Even well-known altcoins like BNB, XRP, SOL, ADA, TRX, TON, LINK, and LTC are also in the red. The total crypto market cap has decreased by $20-30 billion daily and is now at $1,250 trillion.
Please note that the information provided is sourced from CryptoPotato and does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. It is always recommended to conduct your own research before making any investment decisions.
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