Hey crypto enthusiasts! It’s been a wild ride in the crypto markets this week. Bitcoin had a stellar run but has hit some speed bumps along the way.
After the Fed’s rate cut, Bitcoin soared to $64,000, only to be nudged back down by about $1,000. Now, it’s chilling around the $63,000 mark.
Altcoins decided to join the red parade with heavy hitters like TON, AVAX, and NEAR leading the retreat.
Bitcoin kicked off the week with a dip, dropping from over $60,000 to below $58,000 on Monday. As everyone braced for some serious volatility with the Fed’s Wednesday meeting, BTC shot up to over $61,000. When the Fed announced a 0.5% rate cut, Bitcoin took us on a rollercoaster ride, eventually hitting a high of just over $64,000. But, the joyride didn’t last long, and it slid back down to around $63,000.
With Bitcoin’s market cap now just shy of $1.250 trillion and its dominance slipping a bit to 54.3%, it looks like we might see more twists and turns ahead.
Not to be left out, altcoins saw some gains midweek but have since cooled off. ETH, XRP, BNB, TRX, and SHIB barely budged with less than 1% changes. Meanwhile, SOL, DOGE, ADA, LINK, and BCH saw slight declines of 1-2%.
Toncoin took a hefty 5% tumble to $5.5, AVAX slipped by 4% to $27, and NEAR also dropped by 4% to $4.3. But the biggest loser was WIF, plunging almost 10%, with NOT, BRETT, POPCAT, and AR close behind.
Overall, the total crypto market cap has shaved off about $40 billion since yesterday, dipping below $2.3 trillion.
Stay tuned for more rollercoaster action in the thrilling world of crypto!
