Bitcoin’s negative price movements have continued for the past 24 hours. The asset dropped to a 2-week low of $45,500. A majority of altcoins suffered as well, with Avalanche being the exception. It has seen an almost 10% daily increase in price.
Bitcoin’s 14-Day Low
Two days ago, the US Federal Reserve announced that it would leave interest rates unchanged. This caused bitcoin to experience a significant price increase.
In just minutes, the cryptocurrency was trading at $46,500 and rocketed to $49,000. The community expressed hope that BTC would finally overcome its $50,000 problem and the bears returned to play.
As reported yesterday, Bitcoin started to lose value slowly but the situation only got worse over the next hours. The asset dropped to $45,500 at this point, which is the lowest price since the December 4th massive crash.
BTC has not recovered more than a thousand dollars in the past year, and its market capitalization remains well below $900billion.
BTCUSD. Source: TradingView
VAX Spikes 9%
Like bitcoin, many altcoins went south yesterday, but most have recovered their daily losses. Most altcoins are now at a standstill on a 24-hour time scale.
Ripple, Binance Coin and Ethereum are all slightly in the green. ETH trades at below the $4,000 mark while Binance Coin is under $530 and XRP is just above $0.8. However, Solana and Shiba inu, Polkadot and Cardano have suffered minor losses.
Avalanche is once again the biggest gainer. AVAX has risen by 9% to trade at well over $110. The asset has also seen a 40% increase in trading volume since the platform that runs it announced USDC support earlier in the week.
A few DeFi tokens can bring more gains, including a 25% increase from YFI, a 15% jump from Curve DAO Token and a 13% jump in Aave.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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