Hold onto your hats, crypto enthusiasts! March 8 has brought a rollercoaster of emotions to the cryptocurrency market, with both thrills and spills. While the market has been on a bumpy ride, a few brave coins like PI and TRX are defying the odds and climbing up the charts.
In the past 24 hours, volatility has hit the crypto scene hard, leaving the bulls feeling a little bruised. Bitcoin (BTC) took a nosedive, briefly dipping below $85,500 – a moment that surely had traders clutching their pearls.
As if that wasn't enough drama, the White House crypto summit on March 7 stirred the pot even more. Many had hoped this high-profile gathering would light a fire under Bitcoin's price, but the ever-unpredictable asset had other plans. Despite President Donald Trump rallying crypto honchos and promising a Strategic Bitcoin Reserve with a “never sell your BTC” mantra, Bitcoin had its own agenda, sliding to $85,300 shortly after the summit.
The summit did, however, signal that Trump's administration is taking the crypto world seriously, even if the markets didn't get the memo. Some savvy market watchers had warned the event might lead to a “sell the news” reaction, and it seems they were spot on.
In a slight twist of fate, Bitcoin managed to claw its way back to $86,100, though it's still nursing a 2.5% daily drop. Its market cap has shrunk to about $1.7 trillion, with its dominance over altcoins hovering at 58.2%.
Unfortunately, many altcoins are feeling the pinch even more than Bitcoin. Ripple (XRP) is down 5.5% to $2.35, Cardano has slumped 6% to $0.81, and Chainlink (LINK) has tumbled 9%. Other cryptos like Hedera (HBAR), Sui (SUI), and Stellar (XLM) are also licking their wounds.
But it's not all doom and gloom! TRON (TRX), Pi Network (PI), and Litecoin (LTC) are bucking the trend and showing some gains, proving that in the wild world of crypto, anything is possible.
The total crypto market cap currently stands at about $2.93 trillion, marking a 4% dip for the day. But as we know, in crypto-land, tomorrow might just bring a whole new adventure!
