The cryptocurrency market has failed to recover as swiftly as many expected it to, and Bitcoin’s price seems to be struggling to break above $66K definitively. Most of the altcoins are also trading in the red, with two notable exceptions.
As seen in the chart below, Bitcoin’s price was unable to retain its bullish momentum that took it all the way to $68K.
BTC has since retraced, declining by more than 2% on the day, trading where it’s currently at around $65,500.
The sentiment is currently mixed, with many believing that there’s more pain to come. The other end of the spectrum is analysts who claim that this is nothing but a normal correction following months of “up only” action. Meanwhil, spot Bitcoin ETF flows continue to be negative for the fourth day in a row.
While the short-term market sentiment remains rather mixed, leaning toward bearish, Ripple’s XRP managed to increase by a considerable 4% on the day. The coin is currently trading at around $0.63 and together with BNB are the best-performing major altcoins trading substantially in the green.
The best-performing cryptocurrency for the past 24 hours is Fantom, which increased by a whopping 12.1% in that time. FTM is followed by the Internet Computer (ICP) and Ronin (RON), both of which are up by around 10%.
On the other end of the spectrum, Bittensor’s TAO token is down 9%, followed by FLOKI, which tumbled by 8%.
