The cryptocurrency market seems to be facing some challenges. Following an incredible surge last week, the price of BTC had soared to $69,200 but then experienced a sharp decline to $59,500. Since then, the price had risen to $67,000 and today continues to fluctuate.
Current State of Bitcoin and Altcoins
After a rally that took the undisputed leader of cryptocurrencies, Bitcoin, from the $50,000 level to its all-time high of $69,200, the price movement now seems to be volatile. Even though the price has returned above $66,000, the previous excitement has faded. The drop in Bitcoin‘s price to $59,500 has raised significant concerns among market participants.
As of the time of writing, the price of Bitcoin is seeing a 0.73% increase, trading just above $66,000. On the other hand, BTC‘s market capitalization has also approached the $1.3 trillion mark with a nearly 1% increase. Meanwhile, BTC’s trading volume has decreased by 35%, falling to $65 billion.
The leader among altcoins, ETH, after surpassing $3,900 yesterday, has today fallen below $3,800. At the time of writing, ETH is trading at $3,791. Solana is currently leading the top 10 altcoins by volume, with SOL seeing an 8% increase, surpassing the $138 mark.
Today’s losers are meme coins. SHIB and DOGE have experienced sharp declines in their prices. SHIB and DOGE are priced at $0.00003013 and $0.1504, respectively. These drops could be interpreted as a shift in investor interest to other cryptocurrencies following the massive rally in meme coins.
Top Earning Altcoins
Looking at the list of the top-earning altcoins over the last 24 hours, artificial intelligence coins completely dominated the list. Fetch.ai, at the top of the list, saw a 41% increase in the last 24 hours, reaching $2.64. FET’s market capitalization is $2.2 billion, while its 24-hour trading volume has surged by 103%, exceeding $1.2 billion.
Meanwhile, Render is in second place on the list. RNDR has found buyers at the $9.87 level after a 38.8% increase in the last 24 hours. Its market capitalization is approaching $3.7 billion, and the volume has seen an incredible rise of 195%, surpassing $1 billion.
Lastly, NEAR Protocol is trading at $5.62 after a 33% increase, with its market capitalization rising to $1.633 billion.
