After several days of observing significant gains, bitcoin’s price has retraced, dipping toward $58,000 earlier this morning.
The altcoins are also experiencing losses on a daily scale, leading to a decline of over $60 billion in the total market cap.
BTC Dips Toward $58K
Bitcoin hit a low last Friday, getting below $53,000, prompting buyers to regain control in the following week. During this period, the asset surged above $58,000 last Monday, dropped to $55,500 following the release of US CPI numbers on Wednesday, but then rallied again, culminating in Friday and Saturday morning’s performance.
Specifically, BTC broke through the $60,000 mark on Friday evening, climbing to a multi-week high around $60,600. The weekend saw a lull in activity, but it managed to hold the $60,000 level for the most part.
However, Monday began with a price decline, dropping around two grand. Consequently, BTC fell to $58,100 earlier today but has since recuperated much of its losses and is trading just above $59,000. This week is anticipated to be pivotal for all financial markets as the US Federal Reserve plans to hold a FOMC meeting on Wednesday and Thursday, where expectations lean toward a reduction in the key interest rates.
Bitcoin’s market capitalization has fallen to $1.165 trillion, while its dominance over alternative coins has increased to 54.3% on CoinGecko.
SUI Resists Market Trends
Most altcoins have mirrored BTC’s performance over the last day, resulting in a downturn. Ethereum has dropped by more than 3% and now trades at $2,330. SOL, DOGE, LINK, and BCH have seen similar declines, while XRP, TON, AVAX, and SHIB have decreased by around 2%.
Cardano’s native token has seen a nearly 5% drop to $0.33. In contrast, TRX has gained slightly by 1.5%, whereas SUI has bucked the trend with a 5.5% increase. As a result, it is now trading above $1.1.
The total market cap shrunk by more than $80 billion earlier today but has regained some ground and currently stands at $2.145 trillion.
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