Bitcoin and Altcoins Market Update: BTC Dumps to $63K, Alts Turn Red
Bitcoin’s price recovery attempts have hit a roadblock as the leading cryptocurrency slumped to $62,400 before bouncing back to around $63,000. The overall crypto market is also feeling the pressure, with a $150 billion decline in market cap over the past two days.
The recent price actions of Bitcoin have been lackluster, especially after the fourth halving last Friday. Despite some initial recovery post-halving, Bitcoin struggled to maintain its momentum and saw a rapid decline in value, hitting a low of $62,400 today.
Altcoins are also facing a tough time, with most of the market turning red. Solana, Dogecoin, Cardano, Avalanche, Shiba Inu, and Polkadot are among the altcoins that have experienced significant price drops. Ethereum, Binance Coin, XRP, and TON are also in the red, albeit to a lesser extent.
Tron’s native token is one of the few alts in the green today, showing a 3% increase. However, most lower- and mid-cap altcoins have also posted losses, contributing to the overall decline in the crypto market cap.
Despite the challenges, there are still opportunities for crypto traders. Bybit is offering a special promotion for CryptoPotato readers, allowing them to open a $500 BTC-USDT position for free. However, readers are advised to conduct their own research before making any investment decisions.
Overall, the cryptocurrency market remains volatile, with both Bitcoin and altcoins facing downward pressure. Investors and traders will need to closely monitor the market to navigate these challenging times.
