After the bull run of cryptocurrencies in 2021, things took a turn, and a dreadful 2022 ensued. As the calendars marked the end of 2022, the price of BTC was nearly $15,000. Since then, the price began to recover, reaching its peak again on March 5, 2024, but not everything went as hoped.
Latest on Bitcoin and Altcoins
Following the year 2021, a historic moment occurred in cryptocurrencies, and the price of Bitcoin surged to a full $69,000. That’s when things started to reverse. From that point on, 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 still indicating a decline of about 4% at the time of writing. Following this period, the market capitalization also saw a sharp drop and was just above $1.2 trillion. The 24-hour volume of BTC was approximately 38% higher, at over $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. Many anticipated innovations could have influenced this issue.
ETH’s price only saw a decrease of 0.32% in the last 24 hours, with its price at $3,665 thereafter.
Looking at other altcoins, XRP‘s price fell by 5.6%, retreating to $0.5980 levels and currently appears below the $0.6 region. SOL, one of the most talked-about altcoins of recent times, is trading at $126, down 1.72%.
Another strong altcoin, ADA, experienced a sharp decline of over 6% and is finding buyers at the $0.7000 level.
Taking a closer look at meme coins, SHIB and DOGE are seen in decline for the first time in days. SHIB has fallen back to 10th place in market cap rankings, with its price down 6.1% to $0.000034. DOGE faced an even larger drop, down nearly 9% to $0.1618.
Altcoins Defying the Market Downturn
Despite Bitcoin’s drop, 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 positions it as today’s most notable altcoin among meme coins.
Described as one of the biggest fiascos of recent weeks, STRK also moved against the market, rising 11.43% to $2.33.
Following the announcement of Do Kwon’s appeal decision, the price of LUNC rose over 11% in the last 24 hours, settling in the $0.0002123 region, making it the second-highest gainer of the day.
Lastly, things seemed to be going well for the native token of Uniswap, which recently introduced a reward mechanism. UNI’s price, with a 9.87% increase in the last 24 hours, continues its solid stance at $14.4.
