Bitcoin price recently rose as high as $66,000, but this level immediately met resistance and began a rapid decline. Daily losses in the cryptocurrency market have increased significantly; Altcoins such as SHIB, XRP and XLM were especially affected by this decline.
“Bitcoin could not maintain the peak it reached after weeks; “This situation reveals the volatility of the market.” When Bitcoin failed to sustain the $66,000 level, changes in market dynamics caused significant declines in altcoins such as SHIB, XRP and XLM.
Bitcoin hit a weekly high of $66,000 amid strong market dynamics and increased interest in Exchange Traded Funds (ETFs). However, this rise was short-lived and the bears quickly took over the market, dropping the price by over a thousand dollars. These sudden fluctuations once again demonstrated the inherent volatility of the cryptocurrency market.
This price movement occurred following the failed assassination attempt on pro-crypto US presidential candidate Donald Trump. This event led Bitcoin to rise to $63,000 at the beginning of the week. However, when market support weakened, Bitcoin could not continue its rise. This reveals that external events have an immediate impact on crypto prices, but cannot guarantee long-term trends.
Besides Bitcoin's struggle to maintain its top spot, altcoins have also suffered significant losses. Ripple's XRP, which has shown a strong performance recently, dropped by 6% to $ 0.57. Shiba Inu, another notable altcoin, dropped 8.3% to $0.000017. Other major altcoins such as Ethereum (ETH), Dogecoin (DOGE), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and Uniswap (UNI) also suffered losses.
The cumulative effect of these declines led to a $40 billion decrease in total cryptocurrency market capitalization, reducing the total value to $2.49 trillion. This shows how closely connected the valuations of various cryptocurrencies are, with Bitcoin's market dominance remaining above 51%.
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I EXPLAIN IN DETAIL.
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