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After Bitcoin surpassed the $61,000 level yesterday, it failed to maintain its position. The recent price drop raises questions about whether the price movement will repeat last week’s drop to $48,800, causing continued frustration among investors. Following the anticipated inflation data from the US yesterday afternoon, the price drop deepened, so let’s take a look at how Bitcoin and major altcoins started the day.
What is Bitcoin’s Price?
Last week’s significant price crash caused concern among Bitcoin investors, with BTC dropping to $48,800 in the following days. After a few days, BTC’s price returned to $60,000 but continued to fluctuate in this region.
Following these price movements, BTC continued to fluctuate rapidly between $62,000 and $58,000. BTC was above $61,000 yesterday morning, but today it is experiencing a decline.
In the last 24 hours, BTC’s price has dropped by 4.39%, reaching $58,471. The price drop also caused the market cap to fall below $1.2 trillion, now standing at $1.154 trillion. The 24-hour trading volume increased from $29.1 billion to $31.7 billion, indicating that investors might be eager to buy at lower prices.
Current Status of Altcoins
Altcoins were affected by BTC’s decline. Ethereum’s better performance compared to BTC throughout the week pleased its investors, but today it also experienced a drop.
ETH’s price dropped by 2.40% today, falling back to $2,654, but it remained stronger than BTC. After two days of gains, ETH’s market cap fell to $319 billion following today’s drop. The 24-hour trading volume increased to $16 billion, reflecting investor interest.
Among the altcoins standing strong against BTC, BNB was notable. BNB’s price fell from $526.9 to $522.29, a drop of only $4. Solana, which made a significant impact last year, also held its ground. Solana’s price dropped by only 0.34%, with SOL finding buyers at $145.08.
XRP, which recently rose above $0.60, found buyers at $0.5722 after a 1.16% drop in the last 24 hours, keeping questions about when the price will reach $1 alive.
On the Binance side, TON, which has been in the news for various developments, was once again the day’s winner. TON was the only cryptocurrency in the top 10 to rise, increasing by 3.77% in the last 24 hours to reach $6.76 and moving towards $7, pleasing its investors. Lastly, DOGE, at the top of the meme coins, found buyers at $0.1027 after a 3.31% price drop, approaching the $0.10 support level, which continues to worry its investors.
