- Bitcoin Price Dropped to $58,000
- Altcoins Reaction to Bitcoin's Fall
- Market Statistics and Upcoming Events
After several days of notable increases, bitcoin’s price has finally retraced by falling toward $58,000. Other cryptocurrencies have also declined, with the total market cap decreasing by $60 billion.
Bitcoin Price Dropped to $58,000
Bitcoin bottomed last Friday at under $53,000, and over the next ten days, it surged to over $58,000. On Friday evening, BTC finally broke above $60,000 and peaked at around $60,600. However, it has since dropped back to $58,000 earlier this morning but recovered partially to just over $59,000. A major event this week is the Federal Reserve's meeting on Wednesday and Thursday, where a reduction in key interest rates is anticipated.
Altcoins Reaction to Bitcoin's Fall
Most altcoins mirrored BTC's performance. Ethereum is down by over 3% to $2,330. SOL, DOGE, LINK, and BCH posted similar declines, while XRP, TON, AVAX, and SHIB are down by around 2%. Cardano’s token slipped by almost 5% to $0.33. In contrast, SUI has surged by 5.5%.
Market Statistics and Upcoming Events
Bitcoin's market cap has declined to $1.165 trillion, with its dominance rising to 54.3%. The total market cap of cryptocurrencies dropped by $60 billion but has since recovered to $2.145 trillion. Investors are looking forward to the key interest rate decision by the US Federal Reserve this week.
The cryptocurrency market is experiencing significant volatility as investors await important announcements from the US Federal Reserve. The upcoming days could impact future price movements in cryptocurrencies.
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