
Hold onto your hats, folks! The crypto rollercoaster is in full swing, and it’s not for the faint-hearted. Over the weekend, the digital currency scene was shaken up like a soda can, all thanks to a speech that left crypto enthusiasts hanging.
In a twist nobody saw coming, the much-awaited inauguration address by the new U.S. President, who many speculated might drop a word or two about cryptocurrencies, turned out to be a crypto-free zone. The result? A whirlwind of volatility that sent Bitcoin on a wild ride from its sky-high peak down to $100,000.
But wait, there’s more! The altcoin squad, particularly the notoriously unpredictable meme coins, joined the nosedive party. The weekend was buzzing as the First Family launched not one, but two meme coins, shaking up the crypto world. Bitcoin, however, held its ground like an unflappable hero, staying above $103,000 and even taking a leap to over $106,000 by Sunday. But come Monday morning, it stumbled back below the $100,000 mark.
In a dramatic comeback worthy of a blockbuster movie, Bitcoin bounced back with vigor, climbing to a fresh all-time high just shy of $110,000. Traders braced themselves for more drama as the US presidential ceremony loomed. As soon as the event kicked off, Bitcoin took a nosedive by $5,000 within mere minutes, landing at $102,000. It briefly recovered during the speech before dipping again, disappointed by the lack of crypto chatter. It stabilized at $102,000 after a short-lived drop to $100,000.
The crypto king's market cap stands at a whopping $2.03 trillion, still reigning supreme over the altcoins with a 55.4% dominance. However, when Bitcoin catches a cold, the alts shiver. Ethereum, Binance Coin, Chainlink, and Toncoin managed to keep their losses in check, shedding just 3-4%. Meanwhile, XRP slid by 6%, AVAX, XLM, and HBAR fell by around 8%, and SOL, DOGE, and ADA took a bigger hit, dropping up to 10.5%.
The meme coin territory witnessed the biggest bloodbath, with FARTCOIN plummeting by 28% and TRUMP slumping by 27%. Overall, the crypto market cap took a $200 billion hit, settling at $3.670 trillion.
Stay tuned for more thrilling twists and turns in the ever-exciting world of cryptocurrencies!