Bitcoin Cools After ATH Run, Altcoins Diverge: DOGE, SHIB Slump, NEAR Soars 26%, SOL, BNB, MATIC, ATOM, HBAR See Gains

  • Bitcoin is taking a breather after a wild ride this week, currently hovering around $66,000.
  • Altcoins are experiencing mixed fortunes, with meme coins like DOGE and SHIB dropping while NEAR surges an impressive 26%.

The cryptocurrency market has calmed down considerably after the intense volatility witnessed earlier this week. Bitcoin, which surged past its 2021 all-time high on Tuesday, has entered a consolidation phase, hovering around the $66,000 mark. Meanwhile, altcoins are presenting a mixed picture, with some recording impressive gains while others experience sharp declines.

Also Read: Traditional Banks Stumble as Bitcoin Surges: NYCB’s Fall Exposes Cracks in the System

Bitcoin Stalls After Reaching New Heights

The start of the week saw immense anticipation surrounding Bitcoin. After exceeding $60,000 last week and climbing past $68,000 on Monday, many investors speculated whether the leading cryptocurrency would break its previous all-time high of $69,044 (as recorded on CoinGecko).

Fueled by the earlier momentum, Bitcoin did manage to chart a new peak at $69,300 on Tuesday. However, this euphoria was short-lived as a sudden surge of selling pressure pushed the price down significantly. Within a few hours, Bitcoin plummeted nearly $10,000, dropping below $59,500.

Despite these dramatic swings, analysts remained optimistic, and Bitcoin quickly rebounded to around $67,000. Since then, the price has exhibited minimal movement and currently sits just below that level. Bitcoin’s market capitalization remains above $1.3 trillion, but its dominance over altcoins has slightly dipped to below 50%.

Also Read: Crypto Market Swirls: SHIB Crashes, XRP Falters, and Bitcoin Seeks Rebound

Meme Coins Take a Hit, Altcoins Show Divergence

Meme coins, particularly the two frontrunners Dogecoin (DOGE) and Shiba Inu (SHIB), have recently enjoyed a period of strong gains. However, the narrative has shifted for these tokens in the past 24 hours. The original meme coin, DOGE, has shed 10% of its value, while SHIB has suffered a steeper 15% decline.

Ethereum (ETH) has also experienced a slight pullback, slipping below $3,800. Conversely, several altcoins from the larger-cap category have displayed positive momentum. Solana (SOL), Binance Coin (BNB), and Polygon (MATIC) have all witnessed increases of around 5-7% in the last day.

However, the standout performer among these larger-cap altcoins is NEAR Protocol (NEAR). NEAR has skyrocketed an impressive 26% in the daily timeframe. Cosmos (ATOM) and Hedera Hashgraph (HBAR) have also registered notable gains of 10% each.

The cryptocurrency market continues to be dynamic and susceptible to rapid price fluctuations. While Bitcoin appears to be consolidating after its recent surge, the performance of altcoins remains diverse. Investors are advised to closely monitor market trends and conduct thorough research before making any investment decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *