Bitcoin, the largest cryptocurrency by market capitalization, has been on a wild ride in recent days. Its price surged, briefly reaching the $65k mark before retracting and losing $3,000 to settle at $63k. The altcoin market also experienced significant losses, with popular tokens like Dogecoin, Shiba Inu, Cardano, and Avalanche recording major declines.
The flagship cryptocurrency, Bitcoin, has seen significant price fluctuations over the past week. It started the month by dropping to $56k on May 1, a level not seen in over two months. This decline was triggered by the US Federal Reserve’s decision not to raise interest rates. However, starting from May 2, the price of Bitcoin began to surge, surpassing the $60k threshold.
Entering the weekend, Bitcoin continued its upward trend, reaching as high as $64,000. However, Sunday brought a brief period of retracement, setting the stage for a spike to $65,500 on Monday morning, marking the highest point reached in the past 12 days.
As excitement spread throughout the market, the bulls took control, causing the price of Bitcoin to plummet by $3,000, settling at $62,000. However, at the time of writing, the price of BTC has recovered most of its losses. According to data from CoinMarketCap, Bitcoin is currently trading at $64,146, representing a 1.68% drop in the last 24 hours. Furthermore, the trading volume of the asset has increased by 43.3% to $29.3 billion within the same timeframe.
Moving on to the altcoin market, top cryptocurrencies such as Dogecoin, Shiba Inu, Cardano, and Avalanche were significantly affected by the situation. Dogecoin, for instance, has experienced a 5.11% decline in the past 24 hours, trading at $0.158. Its trading volume, on the other hand, has increased by 13% to reach $1.54 billion, resulting in a 5% decrease in its market capitalization of $22.8 billion.
The second-largest memecoin, Shiba Inu, has also dropped by 6.58% in the recorded time, trading at $0.00002394. Its market cap has also experienced a similar decline, resting at $14.1 billion. Cardano (ADA) has seen a 4.55% decrease in the last 24 hours, settling at $0.45.
Among the top tokens, Avalanche (AVAX) has taken the biggest hit. According to CoinMarketCap data, AVAX has declined by 6.7% to trade at $36.9. As a result, its market cap has dropped to $14 billion, pushing it down to the 11th spot on the global cryptocurrency market chart. Overall, the total crypto market cap has decreased by 2.04% to $2.36 trillion, resulting in a loss of over $60 billion in the past 24 hours.
