WIF Plummets by 15% Overnight, BTC Recovery Begins by Reclaiming $67K Level (Market Watch)
SOL, DOGE, AVAX, and LINK are also well in the red from the larger-cap alts.
After a few days of trading sideways and losing value, Bitcoin finally went on the offensive yesterday evening and spiked above $69,000, where it faced a strong rejection.
The altcoins have suffered in the past 24 hours, aside from TON, XRP, and BCH, all of which have posted minor gains.
BTC Stopped at $69K
Bitcoin’s price actions this week have been quite unfavorable for the asset. It all started on Monday with a price slump that drove the cryptocurrency from over $70,000 to under $66,000.
That was just the beginning, as the bears initiated another leg down on Tuesday and Wednesday. This time, the largest digital asset fell to a 10-day low of around $64,500. The bulls finally intercepted the moves at this point and began a slow recovery that saw Bitcoin reclaim some ground on Thursday morning.
Hours later, the cryptocurrency went on the offensive once again and soared by several grand. As a result, it jumped above $69,000 amid the growing ETF inflows , but that turned out to be a false breakout.
The rejection drove BTC south by around three grand. Nevertheless, the asset is slightly in the green now and stands above $67,000. Its market capitalization has increased by about $20 billion to $1.325 trillion, while its dominance over the alts is up to 50.3% on CG.
WIF Dumps Hard
Most of the larger-cap alts are in the red on a daily scale. Solana leads this adverse trend with a massive 6% drop, pushing it down to $173. DOGE, AVAX, and LINK follow suit, with price declines of around 3-4%.
ETH, BNB, ADA, and DOT are also slightly in the red. In contrast, BCH, TON, and XRP have gained around 1-2%. MNT and ETC are the top performers from the 36 largest crypto assets.
WIF, on the other hand, is down by 15% in a day. The popular meme coin has dropped to $3.3 as of now.
Still, the total crypto market cap has increased by around $10 billion and is up to $1.635 trillion on CG.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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