|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin's Wild Ride: Plunge of $3,000 After Soaring to $65,000
May 07, 2024 at 06:30 pm
Bitcoin's market volatility has caused a significant drop, losing $3,000 after reaching a peak of $65,000. Altcoins, including Dogecoin, Shiba Inu, Cardano, and Avalanche, have also experienced major losses, with Avalanche suffering the most at 6.7%. The total crypto market cap has subsequently decreased by 2.04%.
Bitcoin's Wild Price Swings: A Loss of $3,000 After Reaching $65,000
Bitcoin, the preeminent cryptocurrency by market capitalization, has undergone significant price volatility in recent days. After briefly surging to $65,000, it subsequently retraced and lost $3,000, currently trading at $63,000. This downturn has had a ripple effect on the altcoin market, with major losses recorded among prominent tokens.
Bitcoin's Rollercoaster Ride
Bitcoin's price trajectory has been characterized by dramatic fluctuations over the past week. The month began with a dip below $56,000 on May 1, the lowest point in over two months. This decline was attributed to the U.S. Federal Reserve's decision not to raise interest rates. However, a subsequent surge starting May 2 propelled Bitcoin above the $60,000 mark.
Over the weekend, Bitcoin continued its upward momentum, reaching $64,000. However, a brief period of retracement on Sunday, May 5, preceded a spike to $65,500 on Monday morning, marking the highest point in 12 days.
As market enthusiasm peaked, a bearish reversal ensued, causing the price of Bitcoin to plummet by $3,000, resulting in a trading price of $62,000. At the time of writing, however, Bitcoin has partially recovered its losses. CoinMarketCap data indicates a current trading price of $64,146, representing a 1.68% drop from the previous day. Notably, the trading volume has increased by 43.3% to $29.3 billion.
Impact on Altcoins
The downturn in Bitcoin's price has had a significant impact on altcoins. Several major cryptocurrencies, including Dogecoin (DOGE), Shiba Inu (SHIB), Cardano (ADA), and Avalanche (AVAX), have experienced notable losses.
According to CoinMarketCap data, Dogecoin has declined by 5.11% in the last 24 hours, currently trading at $0.158. Its trading volume has risen by 13% to $1.54 billion, but its market capitalization has decreased by approximately 5% to $22.8 billion.
Shiba Inu, the second-largest memecoin, has fallen by 6.58% to $0.00002394. Its market capitalization has also declined by a similar percentage, resting at $14.1 billion. Cardano (ADA) has dropped by 4.55% in the last 24 hours, currently trading at $0.45.
Among the top tokens, Avalanche (AVAX) has sustained the most significant loss. CMC data reveals a 6.7% decline, with a current trading price of $36.9. Consequently, its market capitalization has dropped to $14 billion, placing it in the 11th position on the global crypto market chart.
Total Crypto Market Cap Declines
The overall crypto market capitalization has experienced a decrease of 2.04% to $2.36 trillion, representing a loss of over $60 billion in the last 24 hours. This decline is attributed to the combined impact of Bitcoin's retracement and the losses incurred by major altcoins.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Altcoins Set to Explode: Crypto Analysts Predict Record Highs in 2024
- May 17, 2024 at 03:19 pm
- Altcoins Poised for Explosive Growth: Crypto Analysts Predict ATHs in 2024 As the cryptocurrency market exhibits optimistic indications of a sustained
-
- Embrace Meme Coins: Diversify Your Crypto Holdings with Bonk and Raboo
- May 17, 2024 at 03:19 pm
- Embrace the Meme Coin Revolution: Diversify Your Crypto Portfolio with Bonk and Raboo In the ever-evolving crypto landscape, where volatility reigns s
-
- Three Cryptocurrencies Poised for Takeoff: Toncoin, Render, and Algotech
- May 17, 2024 at 03:17 pm
- Toncoin, Render, and Algotech: The Crypto Trifecta Set to Soar In the ever-evolving crypto market, where fortunes are made and lost with lightning spe
-
- AI Cryptos Lead Surge in Crypto Market: Render, Bittensor, and Raboo Dominate
- May 17, 2024 at 03:14 pm
- The Rise of AI Cryptos: Render, Bittensor, and Raboo Lead the Charge The cryptocurrency market is experiencing a resurgence in 2024, with a particular
-
- Furrever Token Aims to Rival Success of Crypto Giants, Channeling Cuteness and Engagement
- May 17, 2024 at 03:14 pm
- Furrever Token: Poised to Emerge as a Crypto Giant, Rivaling the Success of XRP, Cardano, and Polygon In the ever-evolving digital asset landscape, a
-
- Shiba Inu and Dogwifhat Soar as Meme Coin Adoption Expands
- May 17, 2024 at 03:05 pm
- Shiba Inu and Dogwifhat Surge Amidst Wider Meme Coin Adoption Integration with Global Payment Service Shiba Inu (SHIB), the second-largest meme coin b
-
- USD Index Key to Bitcoin's Potential 127% Surge, Says Analyst
- May 17, 2024 at 03:04 pm
- US Dollar Index Holds Key to Bitcoin Price Surge, Analyst Predicts 127% Rally Acclaimed financial analyst Jamie Coutts from Real Vision has asserted t
-
- CoinGeek AMA Highlights Blockchain Innovations Ahead of London Conference
- May 17, 2024 at 03:03 pm
- CoinGeek Weekly Livestream AMA Explores Blockchain Advancements as London Blockchain Conference Nears In anticipation of the London Blockchain Confere
-
- Chainlink Poised for Surge as Technical Analysis Reveals Bullish Momentum
- May 17, 2024 at 03:02 pm
- Chainlink Poised for a Surge, Technical Analysis Reveals Strong Bullish Momentum NEW DELHI, India (CoinChapter.com) - Chainlink (LINK), the leading pr