After reaching a local peak of over $65,500 yesterday, Bitcoin faced a sharp decline, dropping by around $3,000 to settle at $62,500, before making a modest recovery to trade above $63,200. This volatility comes on the heels of a particularly rough week for Bitcoin, which saw its value plummet to a two-month low of $56,500, only to rebound impressively after the U.S. Federal Reserve announced it would not be raising interest rates.
Altcoins, too, have felt the sting of the market’s downturn, with many of the larger-cap tokens like DOGE, SHIB, and AVAX experiencing significant losses. DOGE fell by 2.5% to under $0.16, SHIB by 3.5% to $0.00002366, and AVAX by 4% to $36.50. STRK, TIA and WIF all approach around 5% losses over the last 24 hours. However, it wasn’t all doom and gloom, as BCH managed to buck the trend with a 3% increase, nearing $160, and RNDR saw a 6% surge, pushing its value past $10. Outside the top 100, PUPS the notable ordinals memetoken has decreased over 20% to sit around $30, close to the low for the last month.
Despite the overall downturn, Bitcoin’s market cap has stabilized at $1.248 trillion, and its dominance over altcoins has edged closer to 53.4%. Outside of the markets we are seeing some growth and expansion as Revolut debuts a dedicated crypto exchange for UK users and leading Colombian bank Bancolombia launches crypto exchange and peso stablecoin.
