Market Overview
The cryptocurrency market continues to experience volatility, with Bitcoin facing rejection at key levels and altcoins seeing significant losses. Investors should stay informed and cautious as the market navigates these fluctuations.
Bitcoin Price Action
Bitcoin’s price surged briefly on Wednesday but faced a sharp rejection, leading to a significant drop. This volatility has affected the broader cryptocurrency market, with several altcoins experiencing losses.
Despite a brief surge to $94,500 following the US Federal Reserve’s decision to cut interest rates by 25 basis points, the cryptocurrency quickly dropped to $89,500. Over the weekend, Bitcoin recovered to $90,000 but experienced another sharp decline on Monday, falling by nearly $5,000 in just over an hour to $85,500. Although it attempted to recover, it was rejected at $90,000 again on Wednesday and fell below $85,500 before bouncing back to around $87,300. Despite this volatility, Bitcoin’s market dominance has increased by 0.7% to 57.6%.
Altcoin Performance
The broader cryptocurrency market has also seen significant losses. Ethereum (ETH) has dropped to $2,850, and XRP has fallen below $1.90. Other major altcoins like BNB, SOL, DOGE, ADA, and LINK have also experienced declines of up to 3.5%. Hyperliquid’s native token, HYPE, has been particularly hard hit, losing almost 10% of its value in the past 24 hours alone and over 40% in the last month, now struggling below $25. LEO and PUMP have also seen substantial daily losses of 28% and 12%, respectively. However, NIGHT and CC have managed to gain around 7–8% daily. Despite these fluctuations, the total crypto market cap has remained above $3 trillion.
Conclusion
Overall, Bitcoin’s repeated rejections at key resistance levels are driving market uncertainty, while altcoins experience mixed performances. Staying vigilant and monitoring market dynamics is essential for navigating this turbulent period.
