Bitcoin’s price over the weekend remained relatively stagnant, hovering just above $64,000. This calmness comes after a period of volatility the previous week, signaling a potential shift in the market.
Altcoin Stability
While Bitcoin experienced a lull, altcoins have also shown less volatility compared to previous weeks. Dogecoin, however, stands out with a 7% surge, contrasting with the general trend of stability among other cryptocurrencies.
The past week started on a negative note for Bitcoin, which saw a significant drop from $69,000 to under $61,000 in a short period. This decline was fueled by profit-taking and uncertainty surrounding the FOMC meeting.
Following the FOMC meeting and the US Federal Reserve’s decision not to change its monetary policies, Bitcoin experienced a brief rally, jumping by 4% and surpassing $68,000. However, this surge was short-lived as the cryptocurrency failed to sustain its momentum.
As of now, Bitcoin is trading at around $64,000, struggling to overcome the $66,000 mark. Its market cap remains stagnant at $1.260 trillion, with a dominance of just over 49%. Most altcoins have also shown relatively stable prices, with a few exceptions like Dogecoin, which has emerged as a top performer with a 7% gain.
While Ethereum, Solana, and Binance Coin have seen minor losses, XRP, ADA, SHIB, and DOT have each recorded gains of 1-2%. Dogecoin’s surge to $0.17 positions it as a standout performer among the top 15 cryptocurrencies.
Despite individual cryptocurrency movements, the total crypto market cap has slightly declined, now sitting at just over $2.560 trillion on CoinGecko. This shift suggests a broader market correction and highlights the interconnectedness of different digital assets in the crypto space.
Bitcoin’s recent price movements, along with altcoin performances, reflect a period of relative calm after weeks of volatility. While some coins have shown resilience and gains, the overall market seems to be in a state of flux, potentially signaling a new direction for cryptocurrencies in the near future. Investors and traders should closely monitor these developments to make informed decisions in an ever-changing market landscape.