Bitcoin’s price pump toward $27,000 came to a quick halt as the asset has returned to its familiar ground of around $26,000.
Most altcoins are also in the red today following yesterday’s brief price pumps, with SOL, XRP, SHIB, and MATIC dropping the most from the larger caps.
BTC Back at $26K
Bitcoin went through extreme volatility last Thursday when it plummeted by over three grand in a day to a two-month low of $25,300. However, it managed to bounce off to $26,000 and remained there for several uneventful days. Interestingly, larger investors have used this opportunity to stack up more bitcoins, as reported yesterday.
It slipped below that line on Wednesday, but the bulls quickly intercepted the move and didn’t allow any further declines. Just the opposite, BTC started to gain traction on Thursday and spiked to a 6-day high of $26,800.
While the community was starting to rejoice, bitcoin began losing its momentum and has lost almost all of its gains. As such, the cryptocurrency has returned back to $26,000.
Its market cap has dropped back down to under $510 billion, while its dominance over the altcoins remains relatively still at 48.3% on CMC.
BTCUSD. Source: TradingView## PEPE Leads on the Way South
The altcoins also turned green yesterday, but that didn’t last long, and the market is dominated by retracements today. Despite the latest futures Ethereum ETF filings, the price of the native token is down by around 1% and sits at just over $1,650.
More daily losses come from the likes of Binance Coin, Cardano, Dogecoin, Tron, Polkadot, MATIC, and Litecoin – all of which are down by about 2%.
Solana, Ripple, and Shiba Inu have slumped by 3-5%. SOL is close to breaking below $20 after a 4.5% daily drop.
The situation with the lower- and mid-cap alts is similar, with LDO, APT, and MKR dropping by over 5%. Nevertheless, PEPE is the poorest performer on a daily scale, having lost over 20% of its value amid unfavorable speculations.
The total crypto market cap has declined by over $10 billion and is back down to $1.050 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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