After the bull run of cryptocurrencies in 2021, the market took a turn for the worse, experiencing a dreadful 2022. As the calendars marked the end of 2022, the price of BTC was nearly $15,000. Since then, the price began to recover, reaching a peak again on March 5, 2024, but not everything went as hoped.
Current State of Bitcoin and Altcoins
Following the year 2021 for cryptocurrencies, a historic moment occurred, and the price of Bitcoin surged to a full $69,000. From that moment, the situation reversed. After this 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 decline of about 4% at the time of writing. Following this period, the market capitalization also saw a sharp drop, hovering just above $1.2 trillion. BTC’s 24-hour volume was approximately 38% higher, exceeding $99 billion.
On the other hand, looking at the market’s high-volume altcoins, the only altcoin within the top 10 showing resistance to Bitcoin was none other than the king of altcoins, Ethereum. Many anticipated innovations may have influenced this issue.
ETH’s price showed a mere 0.32% decrease over the last 24 hours, with its price standing at $3,665.
Turning our attention to other altcoins, XRP‘s price fell by 5.6%, retreating to $0.5980 levels and currently appears to be 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 showing a decline for the first time in days. SHIB’s price has fallen by 6.1% to $0.000034, returning it to the 10th spot in market capitalization rankings. DOGE faced an even larger drop, nearly 9%, trading at $0.1618.
Altcoins Defying Market Trends
Despite Bitcoin’s decline, some altcoins moved against the market trend, pleasing investors. WIF, announced to be listed by Binance yesterday, saw a 24-hour increase of 28%, trading at $1.82. WIF’s rise positioned it as today’s most notable altcoin among meme coins.
STRK, described as one of the biggest flops of 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 seem to be going well for Uniswap’s native token UNI, which introduced a reward mechanism recently. UNI’s price maintained a strong stance, rising 9.87% in the last 24 hours to $14.4.
