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After setting a new all-time high at $69,000, bitcoin dumped by more than $6,000 in hours before calming around $65,000. Most alternative coins experienced similar price fluctuations, with ETH plummeting from $4,875 to $4,450.

BTC’s 24-Hour Rollercoaster

The cryptocurrency landscape seemed rather calm just a few days ago when bitcoin appeared stuck around $60,000. However, the market reminded of its volatile nature in the following days.

Firstly, bitcoin went on the offensive, added $4,000 in hours, and neared its all-time high at the time of $67,000. After a brief rejection, BTC surpassed that peak and registered a new one at $68,600.

Just a day later, though, the cryptocurrency went on another tear and charted a fresh ATH at $69,000. As the community was preparing for a run towards $70,000, the situation changed once more.

In a matter of hours, bitcoin dumped by more than $6,000 and bottomed below $63,000, resulting in multi-million dollar losses in liquidations for leveraged traders.

As of now, the asset has recovered some ground and currently stands above $65,000. Its market capitalization is north of $1.2 trillion, while the dominance over the altcoins sits at 43%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Follow Along

As it typically happens when there’s enhanced volatility with bitcoin, most alternative coins follow suit. Ethereum also saw a new record of nearly $4,900 yesterday before it plunged by more than $500 in hours to a weekly low of $4,450. ETH also reacted well after this drop and now stands above $4,700.

On a 24-hour scale, most alts are in the red. This includes Binance Coin (-1.5%), Cardano (-3.5%), Polkadot (-5%), Dogecoin (-4%), Shiba Inu (5%), and Avalanche (-3.3%).

Solana, Ripple, Terra, and Litecoin are slightly in the green, while Chainlink has surged by 6.5% in a day to $37.

More gains come from IoTeX (42%), Mina (24%), Kadena (18%), Helium (14%), and Zcash (11%).

The cryptocurrency market capitalization had lost more than $120 billion in a day to yesterday’s low but is now just over $3 trillion once again on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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