Bitcoin witnessed significant fluctuations yesterday, as it fell from the level of $67,000 to its lowest level in 16 days at $62,200, before rising again by more than three thousand dollars.
Altcoins also saw similar fluctuations, but most of them remained in negative territory throughout the day, with XRP, KAS, DOGE, SOL, and TON topping the list of the most declining cryptocurrencies.
Bitcoin price fluctuations:
This week began with strong momentum for the largest cryptocurrency by market capitalization, as the price of the coin rose to the $70,000 level for the first time in seven weeks.
The rise came after Donald Trump's statements at the Bitcoin 2024 conference in Nashville.
However, the digital currency Bitcoin was unable to maintain this momentum, as its rise was met with strong rejection that pushed the price of the currency down.
By Wednesday, Bitcoin had lost around $4,000, hitting $66,000.
Although it attempted to breach the $67,000 barrier and level on Thursday, this attempt did not last long, as the market returned to the downward trend.
The price first fell to the level of $63,500 before the currency witnessed another wave of decline.
However, the market fluctuations did not stop, as the price of Bitcoin quickly rose to $65,600 within hours, before falling again and settling above $64,000.
Recent fluctuations have seen liquidations in the market rise significantly, reaching $256 million per day.
Despite this, Bitcoin's market value maintained its level of $1.270 trillion, while its dominance over alternative digital currencies rose to 52.9%.
In terms of alternative digital currencies with a large market capitalization, the price of the Ripple currency declined by more than 6% in the last 24 hours.
Most other large-cap cryptocurrencies, such as SOL, DOGE, TON, BCH, LINK, and SHIB, also fell by between 3-5% over the past day.
As a result, the total market capitalization of cryptocurrencies fell by about $50 billion overnight, falling below $2.41 trillion according to CoinGecko.
