Markets
Ripple, Shiba Inu Fall Hard as Bitcoin Loses $65,000 Level (Market Watch)
Bitcoin price hit a multi-week high of $66,000 yesterday, but bears were quick to intercept the move and pushed the asset down more than a thousand dollars.
Altcoins are also in the red today, with SHIB, XRP, and XLM emerging as the biggest losers on a daily basis.
Bitcoin can’t go above $66,000
After a negative start to the month, when BTC dropped below $54,000 on July 5, the cryptocurrency began its recovery fairly immediately and rebounded to $58,000, where it remained for about a week.
The landscape changed last weekend after the failed assassination attempt on pro-cryptocurrency US presidential candidate Donald Trump. Bitcoin immediately shot up a few thousand dollars, and even more on Monday, to $63,000.
The bulls kept up the pressure and pushed BTC hit a multi-week high of $66,000 amid the growing ETF flowswhich was recorded yesterday morning. However, the asset’s gains were halted at this point, and it started to lose some traction.
Currently, the cryptocurrency is over a thousand dollars away from its local high, at just under $65,000. Its market cap has slipped to $1.28 trillion, while its dominance over altcoins is well over 51% on CG.
Bitcoin/Price/Chart 18.07.2024. Source: TradingView
Brutal retracement of XRP and SHIB
Most altcoins have been on a strong rally in recent days, but the trend has changed. Ripple’s native token has been among the best performers of late, but a 6% daily retracement halted its advance and brought it back to $0.57.
Shiba Inu is the other big loser among the larger-cap altcoins. The second-largest cryptocurrency is down 8.3% and trading at $0.000017. ETH, DOGE, AVAX, DOT, LINK, and UNI are also in the red among this cohort of altcoins.
The total cryptocurrency market cap, which hit its own multi-week peak yesterday, is down $40 billion to $2.49 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.