Bitcoin's price recovery spree led to a multi-day high of $64,500 yesterday, but the asset was unable to rise further and has since declined by more than a thousand.
Most major alts are slightly in the red on a daily scale, with TON, ADA and SHIB declining by 2-4%.
BTC stopped at $64.5K
The beginning of May was quite painful for Bitcoin bulls as the cryptocurrency fell sharply after failing to rise above $65,000 a day earlier. The massive correction saw the asset hit its lowest price in over two months at $56,500.
The Fed's refusal to raise interest rates further caused even more volatility, with BTC hovering around $2,000 in minutes on Wednesday afternoon. Only then did the gradual price recovery begin as Bitcoin rose to $59,000 by Friday.
The bulls then initiated another increase that pushed the asset to and above $62,000. This increase culminated in a rise to a multi-day high of $64,500 yesterday.
However, Bitcoin was unable to overcome this level and has since declined by more than $1,000. Nevertheless, it is trading above $63,000 and its dominance over altcoins is close to 51%. In contrast, CG's market cap has fallen to $1.244 trillion.
Bitcoin/price/chart. May 5, 2024. Source: TradingView
DOGE continues to rise
The biggest meme coin – Dogecoin – was among the top performers yesterday and has only doubled over its run. DOGE is up another 6% in the last 24 hours and is now trading at $0.16.
The other impressive winner among the top 36 alternatives is RNDR, which rose to $9 after an 8.5% daily increase. AVAX, LINK and NEAR are also in the green.
In contrast, TON, SHIB and ADA are down around 2-4%. ETH, BNB, SOL and XRP are also in the red, but in a less painful way.
The total crypto market cap has fallen by around $40 billion since yesterday's peak and now stands at $2.450 trillion at CG.
Overview of the cryptocurrency market. Source: QuantifyCrypto
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Cryptocurrency charts from TradingView.
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