The cryptocurrency market is showing signs of recovery following a sharp drop earlier this week. Bitcoin briefly plunged to $89,000 on Monday, marking its lowest point in 24 days ahead of the U.S. CPI report. Major altcoins mirrored Bitcoin’s movement, with many shedding over 10% in value within 24 hours. The global crypto market cap currently stands at $3.29 trillion, rebounding after a $150 billion loss yesterday. Trading volumes surged 127%, reaching $174 billion.
Bitcoin Shows Recovery, Ethereum Stays Weak
Bitcoin is currently trading above $95,000, demonstrating signs of stabilization after Monday’s steep decline. Meanwhile, Ethereum (ETH) remains under pressure, dropping approximately 3% in the last 24 hours. Adding to the market’s dynamics, BlackRock has introduced a Bitcoin ETF variant on the CBOE Canada exchange, advancing mainstream adoption of cryptocurrencies.
Bitcoin’s 24-hour performance shows a low of $89,300 and a high of $95,275, reflecting a modest 1% gain. According to Farside Investors, Bitcoin ETFs experienced significant outflows of $313 million on Monday. Fidelity led the sell-off with $113 million, while Ark and 21Shares collectively recorded $92 million in withdrawals. Market watchers anticipate BlackRock’s ETF data, which could further influence BTC’s price trajectory.
Ethereum, on the other hand, is trading at $3,154 after a 3% decline. Its 24-hour range stands between $2,921 and $3,266. Among the top 10 cryptocurrencies by market cap, Ethereum recorded the largest drop, compounded by a $52 million sell-off from Grayscale’s ETH ETF.
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Top Gainers and Losers in the Market
Among the top-performing assets, Fartcoin (FARTCOIN) led the pack with an impressive 42% gain, followed by Lido DAO (LDO) at 7%, and Kaspa (KAS) at 6.5%. Other notable gainers include ai16z (AI16Z) and Raydium (RAY) with gains of 6% and 5%, respectively.
Conversely, the biggest losers were DeXe (DEXE), which dropped 13%, followed by Worldcoin (WLD) (-4.75%), THORChain (RUNE) (-4.68%), KuCoin Token (KCS) (-4.31%), and Bitcoin SV (BSV) (-4.18%).
Meanwhile, leading meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) showed positive momentum. DOGE gained 3% to reach $0.3439, while SHIB rose by 1% to $0.0000213. In contrast, other meme coins like PEPE, BONK, and PENGU experienced declines of 1% to 3%. Coinbase’s listing of PNUT, a lesser-known meme coin, marked a positive development in this space.
What Lies Ahead for the Crypto Market?
The recovery in Bitcoin and certain altcoins suggests that the market may stabilize further in the coming days. However, macroeconomic factors and ETF data remain pivotal. As the industry watches for developments, The Bit Journal will continue to provide timely updates on market movements and emerging trends.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
