After the bull run of cryptocurrencies in 2021, things took a turn and 2022 was a dreadful year. By the end of 2022, the price of BTC had nearly hit $15,000. Since then, the price began to recover, reaching a peak again on March 5, 2024, but not everything went as hoped.
Latest Update on Bitcoin and Altcoins
Following the year 2021, a historic moment occurred in cryptocurrencies, and the price of Bitcoin soared to a full $69,000. That’s when things started to reverse. From that point, BTC experienced a significant drop, plunging nearly to $59,000 in the following hours.
The price later recovered to $64,575 but the market was indicating a 4% decline at the time of writing. Following this period, the market capitalization also saw a sharp fall, sitting just above $1.2 trillion. BTC’s 24-hour volume was approximately up by 38%, exceeding $99 billion.
On the other hand, looking at the market’s high-volume altcoins, the only one showing resistance to Bitcoin within the top 10 was the king of altcoins, Ethereum. Anticipated innovations may have influenced this situation.
ETH’s price appeared to have only a 0.32% decrease in the last 24 hours. Following the drop, its price was at $3,665.
Looking at other altcoins, XRP dropped by 5.6%, retreating to $0.5980 levels and currently below the $0.6 region. SOL, one of the most talked-about altcoins recently, is trading at $126, down by 1.72%.
Another strong player in the market, ADA, experienced a sharp decline of over 6%, finding buyers at the $0.7000 level.
Taking a closer look at meme coins, SHIB and DOGE are seeing a decline for the first time in days. SHIB has fallen to the 10th spot in market cap rankings, with its price down by 6.1% to $0.000034. DOGE faced an even larger drop, nearly 9%, trading at $0.1618.
Altcoins Defying the Market Downturn
Despite Bitcoin’s decline, some altcoins moved against the market trend, pleasing investors. WIF, announced to be listed by Binance yesterday, saw a 28% increase in the last 24 hours, trading at $1.82. WIF’s rise positioned it as today’s most notable altcoin among meme coins.
STRK, labeled as one of the biggest flops in recent weeks, also defied the market, gaining 11.43% and trading at $2.33.
Following the announcement of Do Kwon’s appeal decision yesterday, LUNC price surged over 11% in the last 24 hours, settling in the $0.0002123 region, making it the second-highest gainer of the day among altcoins.
Lastly, things looked promising for Uniswap’s native token UNI, which recently introduced a reward mechanism. UNI’s price, with a 9.87% rise in the last 24 hours, continues to hold strong at $14.4.
