BTC’s price troubles are not over yet as the asset tumbled to $62,500 yesterday before managing to recover around two grand.
The altcoins have also bled out on a daily scale, and the total crypto market cap has remained well below $2.6 trillion.
The start of the current business week and how it went were in total contrast to the previous one when BTC skyrocketed above $73,000 to chart its latest ATH. However, the bears have taken control of the market in the past seven days or so, which is evident from Bitcoin’s performance.
The cryptocurrency slumped hard on Monday and Tuesday, ahead of the second FOMC meeting for the year. In fact, it slumped to a 15-day low of under $61,000 amid fears of a potential change in the Fed’s monetary policy.
Since there was no such alternation from the US central bank, BTC quickly rebounded and soared past $68,000 on Wednesday. That was short-lived, though, as the asset tumbled almost immediately and dropped all the way down to $62,500 yesterday evening.
Nevertheless, Bitcoin managed to react well to the recent declines, which were perhaps fueled by the continuous ETF outflows and has recovered more than two grand as of now. Still, BTC is down by more than 2% on a daily scale, and its market cap is well below $1.3 trillion.
Most altcoins are also well in the red on a daily scale. Ethereum has shed 4% of its value and now struggles below $3,400. BNB is down by 4.5% and sits beneath $560. Ripple, Solana, Cardano, Avalanche, Shiba Inu, Polkadot, and Tron have also declined in the past 24 hours, albeit in a more modest fashion.
Toncoin has emerged as the top performer from the larger-cap alts. In contrast to most other assets, TON has soared by more than 11% daily and sits close to $5. As such, the asset is just 5-6% away from its 2021 all-time high of $5.25, according to CoinGecko.
Bitcoin Cash is the other notable gainer from the top 36 alts, having jumped by over 4% daily to $435.
Nevertheless, the cumulative market cap of all crypto assets has declined by about $50 billion overnight and is below $2.6 trillion now.
