Markets
Bitcoin (BTC) Price Shaky at $66,000, Polkadot (DOT) Defends $6 (Market Watch)
Bitcoin had another quiet weekend, spending in a tight range between $66,000 and $66,500 before unsuccessfully trying to break out of the latter.
Altcoins also turned red on a daily scale, with AVAX, NEAR, and UNI leading the negative trend.
BTC returns to $66,000
The leading cryptocurrency began the previous workweek with an attempt to break above the coveted $70,000 level after another quiet weekend. However, the bears were quick to intercept the move and pushed the asset south by four thousand dollars. This was before the US CPI data and the subsequent FOMC meeting.
Once inflation data was released, which exceeded expectations, BTC skyrocketed back to $70,000, but the Fed rejection following the ECB’s lead in reducing interest rates led to another decline. This time, bitcoin fell to a monthly low of $65,000.
However, BTC managed to catch up before the weekend arrived and jumped to just over $66,000. It spent the next 48 hours they stayed there, but today they were aiming for $67,000. That attempt was unsuccessful and BTC now sits a few inches above $66,000 after a small retracement.
Its market cap remains at $1.3 trillion and its dominance over alternatives has increased slightly to 51.4% over CG.
Bitcoin/Price/Chart 17.06.2024. Source: TradingView
Alts turn red
Most large-cap alternative currencies have turned red, following BTC’s lead. ETH, BNB, and TON fell by less than 1%, while DOGE, ADA, and LINK fell by just over a percent.
DOT managed to defend the $6 support line, while DOGE, AVAX, SHIB, BCH, NEAR, UNI and IMX dumped heavily, up to 7% in the case of IMX. FETs lost most of their value versus larger-cap alternatives, falling 10% to $1.30.
SOL, XRP, TRX, and KAS posted insignificant gains. However, the total cryptocurrency market capitalization saw the loss of over $30 billion in one day.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.