BTC Price Drops to $63K, WIF Plummets Nearly 10% Daily

The surge in Bitcoin’s price following the Federal Reserve’s rate cut hit a snag at $64,000, resulting in a drop of around $1,000.

Most altcoins are also facing declines on a daily basis, with the largest corrections observed in TON, AVAX, and NEAR among the larger capitalization coins.

BTC Dips to $63K

Bitcoin began the week with a downward correction, falling from over $60,000 to below $58,000 on Monday. This week was anticipated to be highly volatile due to the US Federal Reserve’s meeting scheduled for Wednesday, where a reduction in the key interest rates was on the agenda.

Leading up to the meeting, BTC soared past $61,000, but experienced significant fluctuations after the US central bank announced a 0.5% rate cut on Wednesday. Nonetheless, bullish momentum surfaced, propelling the cryptocurrency to slightly over $64,000 yesterday, which marked its highest price in more than three weeks.

Unfortunately, the asset could not sustain its upward trajectory and has since dropped by $1,000, currently trading around $63,000. There are indications suggesting that this rally may have reached its peak for now, and BTC could potentially decline further.

Its market capitalization has fallen to just under $1.250 trillion, and while its dominance over altcoins briefly surged to 55%, it has decreased to 54.3% according to CoinGecko.

Altcoins in Correction Phase

Alternative cryptocurrencies also saw significant gains since Wednesday, but have cooled off on a daily timeframe. ETH, XRP, BNB, TRX, and SHIB reported price shifts of less than 1%. Other coins, including SOL, DOGE, ADA, LINK, and BCH, have witnessed dips of between 1-2%.

More severe price reductions were observed in Toncoin, Avalanche, and NEAR Protocol. TON has decreased by 5%, currently standing at $5.5, while AVAX is down by 4% to $27, and NEAR has also declined by 4% to $4.3.

WIF is the largest loser among the top 100 altcoins, plummeting nearly 10%. NOT, BRETT, POPCAT, and AR follow closely behind.

The overall cryptocurrency market cap has reduced by approximately $40 billion since yesterday, now resting below $2.3 trillion.