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Saturday, May 18, 2024

Bitcoin (BTC) Price Plunged Below $61K but Market Recovery Signs Appear (Market Watch)

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The situation for Bitcoin worsened in the past 24 hours as the asset plummeted to under $61,000 for the first time in over two weeks, but there are some positive signs now.

Most altcoins dumped hard in the past few days, but some have turned green with notable increases from the likes of ARB and STX.

BTC’s Wild Ride

The landscape around Bitcoin was entirely different a week ago. The asset had kept its momentum going and was charting new all-time highs almost daily. This culminated in a price surge on Thursday when the asset tapped $73,800, which is the current ATH.

However, everything started to change the following day as BTC slumped to $66,000 on Friday. The weekend saw unsuccessful recovery attempts, and Monday started on another negative note.

Things took another turn for the worse on Tuesday, especially during the early Asian trading hours on Wednesday. This is when Bitcoin dumped by another few grand to its lowest price position in over two weeks of under $61,000.

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Nevertheless, the asset reacted well to the latest declines and has recovered about $2,000 since the morning lows. Still, being 14% down on the week means that its market capitalization has dropped to $1.233 trillion on CoinGecko, and its dominance over the alts has slipped to just below 50%.

BTCUSD. Source: TradingView

Recovery Amid Altcoin Space

The alternative coins plummeted just as badly, if not worse, than BTC in the past few days. Ethereum, for instance, went from over $4,000 to under $3,200. The past 24 hours have not been very positive for the second-largest crypto asset as it now stands around the latter as well.

Solana overtook BNB as the fourth-largest digital asset, and it has remained there even though its price is 3% down on the day to $170, while BNB is up by the same percentage and trades at $525.

Avalanche has dumped the most from the larger-cap alts, having lost another 7% of value. In contrast, TON is up by 6%, while STX, ARB, and OP have charted double-digit price increases.

The total crypto market cap has declined slightly again and remains well below $2.5 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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