Bitcoin’s price has been on a wild ride over the past few days, experiencing significant fluctuations. Starting from a positive note earlier in the week, with the price pumping to over $70,000, the situation quickly turned sour as fears about the US CPI numbers and the subsequent FOMC meeting took hold. The cryptocurrency dropped to $66,000 before skyrocketing back to $70,000 after the CPI beat expectations. However, this spike was short-lived, and bitcoin found itself slumping to $67,000 the following day. The downward trend continued, culminating in a monthly low of $65,000 on Friday evening.
Not only is bitcoin facing price pressures, but altcoins are also feeling the heat. Names like NEAR, FIL, and FET have experienced significant drops in value, mirroring bitcoin’s downward trajectory. Though some altcoins have managed to recover slightly, most are still in the red. Solana is down by 3% to $143, while DOGE and SHIB have plummeted by almost 5%. AVAX, DOT, and ADA have also seen declines ranging from 2-4%. TON and UNI are a few exceptions, with minor gains in the face of the overall market downturn.
The market turbulence has been relentless, resulting in over $200 million worth of liquidations from nearly 75,000 traders in the last 24 hours. Bitcoin’s market capitalization has slipped to $1.3 trillion, though it still maintains dominance over the altcoins with a share of just over 51%. The total crypto market cap has taken a hit as well, declining by about $50 billion overnight.
The recent price movements in the cryptocurrency market serve as a stark reminder of its inherent volatility. Traders and investors must navigate these choppy waters with caution, as rapid shifts can lead to substantial gains or losses. While bitcoin remains the bellwether for the market, the performance of altcoins also plays a crucial role in shaping the overall landscape. As the market continues to evolve, staying informed and adaptable is key to navigating the unpredictable world of digital assets.