Perhaps due to the massive outflows from the spot Bitcoin ETFs yesterday or some Mt Gox-related FUD,
Perhaps due to the massive outflows from the spot Bitcoin ETFs yesterday or some Mt Gox-related FUD, BTCs price tumbled hard but managed to recover all losses.
The altcoins are relatively sluggish today as well, aside from the two largest meme coins, which have posted impressive gains.
Bitcoin Dumps and Recovers
After it failed to break into uncharted territory last Tuesday, bitcoin started to lose traction gradually and slipped to $72,000 on Wednesday and Thursday. The landscape worsened on Friday as it dropped below $69,000 on a couple of occasions.
After a failed recovery attempt, the bears came back and propelled a few more price declines. This culminated yesterday with a drop to a weekly low of $66,800. This came amid massive outflows from the spot Bitcoin ETFs in the States in the last full trading day before the presidential elections.
However, the cryptocurrency didnt stay down for long and has recovered roughly all lost value since then. As of now, it trades close to $69,000 in anticipation of the election news and results today and tomorrow.
Its market capitalization has remained at around $1.360 trillion, while its dominance over the alts stands just shy of 57%.
Most of the larger-cap alts have remained relatively still in the past day again. ETH, TRX, AVAX, and LINK are slightly in the red, while BNB, SOL, XRP, ADA, and BCH are with minor gains.
Toncoin has dumped the most from the larger-cap alts. TON has lost nearly 6% of its value in the past day and trades below $4.6.
In contrast, the two largest meme coins have surged the most. SHIB is up by nearly 6%, while DOGE has soared by over 11% after the most recent interaction by Elon Musk during a Jor Rogan podcast appearance.
The total crypto market cap is essentially at the same spot as yesterday at just under $2.4 trillion on CG.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
South Korea: Upbit Investigated for Over 500,000 KYC Violations
MacBook Users with Intel Chips Urged to Update for Enhanced Security
Solana-Based Trading Terminal DEXX Hacked, Over $21M in User Losses
South Korea to Enforce 20% Crypto Tax in 2025 with Increased Exemption Limit
0.00