Bitcoin continues to struggle as its price hovers around $96,000, failing to initiate a significant recovery. The altcoins are also facing challenges, with many, including XRP, ADA, and AVAX, still down 3-4% on a daily scale.
BTC had a promising start last week, reaching an all-time high above $108,000 on Monday and Tuesday. However, things took a turn on Wednesday after the FOMC meeting, causing Bitcoin to drop below $100,000, and the price continued to fall in the following days, hitting a low of $92,000 on Friday. Although there was a brief recovery to over $99,000 on Saturday, the price dropped again to $96,000 on Sunday.
Bitcoin’s market cap currently stands at $1.9 trillion, with a dominance of just under 55% over the altcoins. The altcoin market has also seen declines, with XRP, AVAX, ADA, SHIB, DOGE, ETH, DOT, XLM, SUI, and APT all in the red. AAVE is the only exception, with a significant price surge of around 10% to $340 amidst the broader correction.
The total market capitalization of all crypto assets has decreased to $3.460 trillion, according to CoinGecko. The uncertain market conditions raise questions about the prospects for Bitcoin in the upcoming trading week and the potential factors that could impact its price movement.
Despite the challenges faced by Bitcoin and altcoins in the current market environment, there is still some optimism for potential recovery. Investors are closely monitoring the performance of these digital assets and looking for signs of stabilization and growth amidst the ongoing fluctuations. The resilience of the cryptocurrency market in the face of recent setbacks suggests that there may be opportunities for recovery and expansion in the future.
Overall, the cryptocurrency market is experiencing a period of uncertainty and volatility, with Bitcoin struggling to recover and altcoins facing similar challenges. While the recent price declines have created a sense of pessimism among investors, there is still hope for a turnaround in the market. By staying informed and monitoring market trends, investors can make informed decisions and position themselves for potential opportunities in the evolving cryptocurrency landscape.
