Crypto Markets Lose $60B Overnight as Bitcoin Nears $64K

Bitcoin’s price rally was halted at over $66,000, leading to a decline of about two thousand dollars within the past few hours.

Interestingly, several altcoins have seen minor gains in the last 24 hours, including XRP, SUI, and UNI.

BTC Dips Towards $64K

This past Monday began differently for Bitcoin, as the asset surged from beneath $63,000 to nearly $65,000, encountering considerable resistance and failing to gain traction. The bears reversed its upward movement and dragged it back to its starting point.

A similar pattern occurred on Wednesday and Thursday, with notable price rises followed by corrections. However, on Friday, the bulls seized the opportunity, driving a significant upward movement that propelled BTC to $66,000.

After a brief pullback, the asset launched another attack, reaching a two-month high of $66,500 (on Bitstamp). Although it couldn’t sustain its momentum over the weekend, it predominantly stayed above $65,000 and even $66,000.

Nevertheless, during the Monday morning Asian trading session, it faced a sharp decline, plummeting approximately two thousand dollars to $64,200. It remains at that level currently, with its market cap falling to $1.270 trillion. Its dominance over altcoins has also diminished, decreasing by 0.4% in a day to 53.5%.

XRP’s Growth Persists

Ripple’s native token excelled yesterday, continuing its upward trend in the last 24 hours. XRP reached $0.65 after a further 4% increase.

Other larger-cap altcoins, such as Toncoin, Solana, Tron, Avalanche, and Bitcoin Cash, are slightly in the positive, while ETH, BNB, DOGE, ADA, SHIB, and LINK have shown losses of up to 4%, particularly among meme coins.

Among mid-cap coins, TAO and SUI have emerged as leading performers, followed by APT, RNDR, and XLM.

Despite this, the total crypto market capitalization has declined by $60 billion since the weekend high, now at $2.370 trillion according to CG.