SOL, DOGE, AVAX, and LINK are experiencing significant drops among the higher market cap altcoins.
Bitcoin, after a period of lateral movement and depreciation, mounted an assault yesterday evening, breaching the $69,000 mark before facing significant resistance.
Within the last 24 hours, the altcoin market has been mostly bearish, with the exception of TON, XRP, and BCH, which have all seen slight increases.
Bitcoin Faces Resistance at $69K
The week began unfavorably for Bitcoin, with its value dropping from above $70,000 to below $66,000 on Monday, setting off a bearish trend.
The downward momentum continued through Tuesday and Wednesday, bringing the leading cryptocurrency to a ten-day low near $64,500. It was at this juncture that the bulls stepped in, initiating a recovery that witnessed Bitcoin regaining some territory by Thursday morning.
Later in the day, Bitcoin aggressively rallied, climbing several thousand dollars and momentarily surpassing $69,000, spurred by increased ETF inflows. However, this uptrend was short-lived.
Facing rejection, Bitcoin’s value fell by approximately $3,000. Currently, it has made a slight recovery, positioned above $67,000. Bitcoin’s market cap has grown by about $20 billion to $1.325 trillion, with its market dominance rising to 50.3% as per CoinGecko.
WIF Experiences Significant Drop
On the daily chart, most major altcoins are seeing red. Solana has taken a significant hit, declining by 6% to $173. DOGE, AVAX, and LINK are also experiencing downturns, with decreases in the range of 3-4%.
Other cryptocurrencies such as ETH, BNB, ADA, and DOT have registered minor losses. Contrarily, BCH, TON, and XRP have posted gains of approximately 1-2%. MNT and ETC stand out among the top 36 crypto assets for their positive performance.
In a notable decline, WIF has plummeted by 15% within a day, bringing its value down to $3.3.
Despite these individual asset fluctuations, the total market capitalization of cryptocurrencies has seen a rise of around $10 billion, reaching $1.635 trillion according to CoinGecko.