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After several days of moving northward, bitcoin has finally stabilized and experienced a decline, with its price dropping to approximately $34,000.
Many altcoins have seen even greater decreases. For certain cryptocurrencies, including MATIC, DOT, AVAX, and UNI, the price reductions have reached as much as 6% within a single day.
BTC Unstable at $34K
It can be stated that the bulls were in control this week, at least for the moment. Following a relatively quiet weekend, BTC surged to and beyond $30,000 on Monday, continuing to rise by the end of the day and into Tuesday morning.
This resulted in a significant increase of several thousand dollars that propelled the leading cryptocurrency to a 17-month high of $35,200. This surge occurred amid speculation regarding the potential approval of BlackRock’s spot BTC ETF application and excitement surrounding the product’s ticker.
As expected, a pullback ensued, but it was brief as bitcoin began to appreciate again, once more testing the $35,000 mark on Wednesday. However, it faced rejection again and has since lost about a thousand dollars.
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Currently, BTC is trading at around $34,000. Its market capitalization has decreased to $665 billion, while its dominance over altcoins has gained some ground, now standing at just over 53% on CMC.
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BTCUSD. Source: TradingView
FLOKI Skyrockets
The largest meme coins captured attention yesterday, with significant double-digit increases observed in DOGE, SHIB, and PEPE. While all three are not in the red on a daily basis, FLOKI – another meme coin – has taken the lead with an impressive 30% rise. Consequently, the asset has reentered the top 100 altcoins by market capitalization, now priced at nearly $0.00004.
The remaining larger-cap altcoins have mirrored the performance of DOGE and SHIB today. Ethereum has dropped by over 4% and is trading well below $1,800. Even larger daily losses are seen in cryptocurrencies such as Polygon, Polkadot, Avalanche, Uniswap, HBAR, LDO, and APT – with declines reaching up to 7% for LDO.
BNB, XRP, SOL, ADA, TRX, TON, LINK, and LTC are also experiencing losses among the larger-cap altcoins.
The total cryptocurrency market capitalization has decreased by approximately $20-30 billion daily, now standing at $1.250 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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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.
