After the explosive start to the business week, in which BTC gained $7,000 in 12 hours or so, the asset was primed for a correction, which began yesterday evening and culminated today with a price drop to under $84,000.
The altcoins have followed suit as they usually do, with ETH slumping below $2,700 and Ripple’s XRP plunging by more than 7% to under $1.50. LTC is among the few exceptions today.
BTC Dips Below $84K
After the seemingly negative week in terms of macro developments, in which the CLARITY Act was voted down and the Fed hiked rates in the US, BTC had dropped to $75,000 last Wednesday, and the overall sentiment had flipped. However, the asset ended the week on a strong note, surging past $80,000 on Friday to the surprise of many.
It climbed to $82,000 on Saturday, where it was stopped, and slipped to $80,300 after the new escalations on the two major war fronts. Bitcoin couldn’t be contained on Monday, though. In the span of just 12 hours or so, the asset blasted through a few major resistance levels and skyrocketed to an eight-month peak of over $87,000.
It pulled back to $85,000 on Tuesday but went on the offensive again on Wednesday morning and topped $87,000 for the second time in 48 hours. However, another rejection followed that drove it south to under $84,000, where it currently struggles while analysts debate whether this is just a healthy correction or there’s more to the story.
For now, its market cap has dropped to $1.680 trillion on CMC, while its dominance over the alts stands flat at 59%.
Alts See Red
Ripple’s native token is among the poorest performers in the past 24 hours. The asset flew to over $1.60 just yesterday, but the subsequent rejection has pushed it south hard, and it now struggles below $1.50. Other major losers include DOGE, ADA, XLM, BCH, UNI, CRO, ZEC, NEAR, and RAIN.
ETH, BNB, SOL, TRX, HYPE, and XMR are also in the red, albeit in a less painful manner. In contrast, LTC has rocketed by almost 8% to $68. BTC and MORPHO are also slightly in the green among the larger-cap alts.
The total crypto market cap has shed nearly 3% daily and it’s down to $2.850 trillion on CMC.
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