Hold onto your hats, crypto fans! The crypto rollercoaster took a dive today, with the entire market splashed in red.
In the past 24 hours, the crypto world has been more unpredictable than a cat on catnip. Bitcoin (BTC) took a nosedive to $80,000 before the bulls swooped in to save some of the day. Meanwhile, altcoins followed Bitcoin's lead, performing their own version of the limbo with some serious losses.
Bitcoin, despite its occasional zooming spikes, has been tripping over its own feet lately. Over the weekend, it was chilling around $86,000, but as soon as Monday rolled around, it stumbled again. Just a few hours ago, BTC took a dramatic plunge to $80,000, leading to multi-million dollar liquidations. But don't count it out yet – it's back on the up, revving up to nearly $84,000.
Brace yourselves for more twists and turns! With the US CPI report just around the corner on March 12, the crypto world is bracing for some fireworks. This report could hint at inflation rates, possibly nudging the Federal Reserve to tweak interest rates. Historically, moves like this have sent BTC's price bouncing all over the place.
On the altcoin front, it’s no party either. Ethereum (ETH) took a dive to a multi-year low under $2,000 before catching its breath at around $2,120. Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Litecoin (LTC), Toncoin (TON), and others have also been feeling the pinch. Pi Network (PI) is having a rough week, too, slipping to about $1.43 with a 14% weekly drop.
But with every storm, there are a few rainbows. Ethena (ENA), Aave (AAVE), and Story (IP) managed to sneak in some gains amidst the chaos.
The grand total for the crypto market cap is resting at around $2.82 trillion, marking a 5% dip for the day. Stay tuned, folks – the crypto saga continues, and you won't want to miss a beat!
