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The cryptocurrency market has experienced a notable slowdown in recent days, with the majority of coins struggling to achieve upward momentum. Over the last 24 hours, the leading cryptocurrencies are primarily trading slightly lower.
Bitcoin Price Struggles to Maintain $30K
The leading cryptocurrency appears to have abandoned its efforts to surpass $31K, and the current concern revolves around whether $30K will be sustained.
Many consider $30K to be a crucial threshold, making it essential to observe if Bitcoin can stay above this level.
Source: TradingView
The chart above illustrates the ongoing slow and erratic price movements, indicating a phase of consolidation. Such price action typically precedes a significant shift in either direction, raising questions about whether the rally will persist or if a substantial correction is imminent.
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Altcoins Declining
The altcoin sector is predominantly in the red today, with most coins recording minor losses. Among the major cryptocurrencies, BNB has decreased by approximately 2.7%, mirroring the declines of ADA, SOL, LINK, and others.
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Source: Quantify Crypto
Radix (XRD) is the poorest performer today, having plummeted by an impressive 13% over the past day, with most of the decline occurring in the last hour. Optimism (OP) has also fallen by 8.2%.
Conversely, Stellar (XLM) has risen by about 10%, followed by Kaspa’s KAS, which is up 6.5%. This represents the only positive news, as the majority of other cryptocurrencies are trading lower.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
