CryptoBitcoin (BTC) Falls to $96K, Leading Altcoins Suffer Substantial...

Bitcoin (BTC) Falls to $96K, Leading Altcoins Suffer Substantial Losses (Market Watch)

-


The last 24 hours have not been pleasant for the crypto bulls since most of the leading digital assets have headed south. Bitcoin (BTC), for instance, retreated to roughly $96,000.

The situation with most of the well-known altcoins, including Ripple (XRP), Solana (SOL), Dogecoin (DOGE), and others, is no better. The meme coin sector is also deep in the red, with some tokens recording double-digit declines.

BTC Takes a Step Back

Last week was rather turbulent for the primary cryptocurrency, whose price reached a local top of almost $99,000 on February 14 and a local bottom of less than $95,000 on February 12. The lower mark was observed shortly after the United States Bureau of Labor Statistics released the Consumer Price Index data for January. The actual inflation rate was higher than expectations which caused the entire crypto market to bleed heavily.

Contrary to the volatile business week, the weekend was quiet with BTC’s valuation consolidating at around $97,000-$97,500.

However, the bears took control at the start of the new business week, suppressing the price to as low as $95,800. In the following hours, BTC slightly rebounded to the current $96,100 (per CoinGecko’s data).

BTC Price
BTC Price, Source: CoinMarketCap

The asset’s market capitalization has retraced to approximately $1.906 trillion, whereas its dominance against the alternative coins remains almost unchanged at around 59.7%.

The Alts are More Affected

As mentioned above, several large-cap altcoins have tumbled in the last 24 hours. Ripple’s XRP is down 3%, Solana (SOL) tanked by 4%, whereas Litecoin (LTC) slipped by 5%. On the other hand, Cardano (ADA), Ethereum (ETH), and TRON (TRX) are among the few charting some gains.

The meme coin niche is also predominantly covered in red. Dogecoin (DOGE), Shiba Inu (SHIB), Official Trump (TRUMP), and many more have headed south, while lesser-known tokens like MEOW (MEOW), ai16z (AI16Z), and Ket (KET) have collapsed by double digits.

The total cryptocurrency market capitalization currently stands at roughly $3.19 trillion, representing a 0.88% decrease for the day.

Cryptocurrency Market Overview, Source: QuantifyCrypto
Cryptocurrency Market Overview, Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Four.Meme Suffers Another Security Breach, $130K Stolen in Latest Attack

The BNB Chain-based meme coin launch platform Four.Meme was attacked once again. PeckShield has reported a fresh attack that...

Michael Saylor will pay 18% dividends to buy bitcoin if he has to

Michael Saylor has invented yet another way to raise capital to buy BTC for Strategy: STRF preferreds with...

FTC removes posts critical of big tech from its website

The FTC has removed over 300 blog posts published during the agency’s leadership under former chair Lina Khan,...

Advertisement

Is the US DoD about to start mining bitcoin? Crypto X thinks so

A rumor about the US Department of Defense (DoD) mining bitcoin is earnings hundreds of thousands of social...

Must read

Four.Meme Suffers Another Security Breach, $130K Stolen in Latest Attack

The BNB Chain-based meme coin launch platform Four.Meme...

Michael Saylor will pay 18% dividends to buy bitcoin if he has to

Michael Saylor has invented yet another way to...

You might also likeRELATED
Recommended to you