Bitcoin experienced a quiet weekend, fluctuating between $66,000 and $66,500, failing to break the upper limit. Altcoins, including AVAX, NEAR, and UNI, followed suit, showing a downward trend.
Bitcoin's attempt to surpass the $70,000 mark was thwarted by bearish market forces, pushing the asset down by $4,000. This was ahead of the US CPI numbers and the FOMC meeting. Despite the inflation data exceeding expectations, which temporarily boosted Bitcoin back to $70,000, the Fed's decision not to follow the ECB's lead in cutting interest rates led to another decline. Bitcoin fell to a monthly low of $65,000 but managed to recover to just over $66,000 by the weekend.
Altcoins have also turned red, with ETH, BNB, and TON declining by less than 1%, and DOGE, ADA, and LINK dropping by just over 1%. DOT managed to hold the $6 support line, while other altcoins such as DOGE, AVAX, SHIB, BCH, NEAR, UNI, and IMX saw significant drops, with IMX falling by up to 7%.
Despite these fluctuations, Bitcoin's market cap remains at $1.3 trillion, with its dominance over altcoins slightly increasing to 51.4%. The total crypto market cap has seen over $30 billion disappear in a day. However, the market's resilience and the ongoing interest in DeFi and BRC 20 tokens suggest a positive outlook for the blockchain industry.