Following a few consecutive days of charting gains and multi-week peaks, bitcoin’s price movements have finally reversed, and the asset has corrected by around two grand.
Most altcoins have followed suit, aside from TRUMP, which exploded after it became known that the top 220 holders will have a special dinner with the US president.
The past week was quite sluggish for BTC, as the asset spent most of the time in a tight range between $83,000 and $86,000. All attempts for a breakout in either direction were halted in their tracks.
The weekend was similar, with little to no actual price moves. The situation started to change on Monday morning when BTC finally broke above the upper boundary and jumped above $87,000. After a brief correction, it went on the offensive once again on Tuesday by surging past $90,000 for the first time since early March.
The gains continued on Wednesday when bitcoin added another four grand and exceeded $94,000 to mark a new multi-week peak. However, after jumping by almost ten grand within a few days and $20,000 since the low on April 7 and 9, BTC, perhaps expectedly, started to lose some ground.
As of now, the asset trades around $92,000 after losing just over two grand since the local peak. Its market cap has retraced to $1.825 trillion on CG, but its dominance over the alts is well above 61% on CG.
The biggest news in the cryptocurrency space yesterday came from the US president’s team as the Official Trump (TRUMP) website stated that the top 220 holders of the meme coin will attend a special dinner with the POTUS. Naturally, the asset’s price skyrocketed as investors rushed to buy it. On a daily scale, TRUMP is up by nearly 30% but it went even higher yesterday.
In contrast, most other altcoins have turned red today. XRP, DOGE, HBAR, and PEPE lead the pack from the larger-cap alts, while IMX has lost the most value from the mid-caps.
The total crypto market cap has lost around $80 billion since yesterday’s peak to under $2.970 trillion.
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Cryptocurrency charts by TradingView.
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