Cryptocurrency Market Recap: Bitcoin Consolidates as Altcoins Record Losses
The cryptocurrency market ended the week with Bitcoin consolidating near support at $64,000 while most altcoins recorded slight losses. This comes as the Federal Reserve’s preferred inflation gauge showed inflation remains higher than preferred, rising 2.8% over the prior year in March.
Despite the inflation data, stocks rallied as earnings reports from Alphabet and Microsoft spurred hopes of a Big Tech rally for investors. The S&P, Dow, and Nasdaq all finished higher at the closing bell.
Bitcoin traded in a range between $63,300 and $64,825, with bulls and bears evenly matched for strength. At the time of writing, Bitcoin trades at $63,970, a decrease of 1.27% on the 24-hour chart.
Market analysts have differing opinions on the future of the crypto market, with some predicting a potential move lower while others see opportunities to buy on dips. The overall sentiment is split, with uncertainty about the direction of the market.
Altcoins also ended the week lower, with the vast majority of tokens in the top 200 recording losses. Despite this, some tokens like BinaryX (BNX) and Helium (HNT) saw gains while others experienced significant losses.
The overall cryptocurrency market cap now stands at $2.36 trillion, with Bitcoin’s dominance rate at 53.4%. Analysts are predicting a period of stability for Bitcoin in the coming months, which could lead to increased activity in the altcoin market.
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