Bitcoin seemed to make a recovery yesterday, peaking at $64,500, but could not sustain this rise and saw a pullback of over $1000. This move illustrates the volatility that still prevails in the crypto market, despite positive moments.
The start of May was difficult for Bitcoin bulls. BTC saw a sharp decline after failing to break above $65,000, which led to its lowest price in more than two months at $56,500. The Federal Reserve’s decision not to raise interest rates further caused even more fluctuations. At one point, the value of BTC changed by $2,000 within minutes. A gradual recovery began from Friday, with Bitcoin rising to $59,000 before breaking through to over $62,000. This increase culminated yesterday with a peak of $64,500.
Performance of other crypto
Despite Bitcoin’s fluctuations, its dominance over alternative crypto (ALTS) continues to grow, now accounting for almost 51% of the market. However, its market capitalization has fallen to $1.244 billion. Among the biggest winners in the altcoin market is Dogecoin, which continued to perform well yesterday and rose another 6% in the last 24 hours, now trading at $0.16.
Other notable gainers include RNDR, up to $9 after rising 8.5% on a daily basis, and crypto like AVAX, LINK, and NEAR also showing green numbers. In contrast, TON, SHIB and ADA saw a decline of between 2% and 4%. ETH, BNB, SOL and XRP have also fallen, albeit less sharply.
Future prospects and market movements
The total market capitalization of crypto has fallen by around $40 billion since yesterday’s peak, now standing at $2.450 billion. These figures show that the market is still in a phase of adjustment and uncertainty, with investors remaining alert to both opportunities and risks.
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-stuitert-terug-maar-blijft-hangen-onder-piekwaarden
