Bitcoin (BTC) starts the week with notable price action. While we eagerly await the final decision from the US Securities and Exchange Commission (SEC) on the approval of Bitcoin exchange funds, volatility is at a high level. Bitcoin is narrowly in the green thanks to a large price jump, but altcoins have lost a lot in the past 24 hours. In this morning update you can read all about the current state of affairs on the crypto market.
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Volatile bitcoin price
The bitcoin price is currently slightly higher than 24 hours ago. Yesterday, the price largely moved in a range between $43,800 and $44,500. Bitcoin has also posted its highest weekly candle in no less than 22 months. After midnight, however, the price entered a slight downtrend, bottoming out at around 4:30 a.m. at around $43,400.
Since then, the price has slowly climbed, but around 7:20 am Bitcoin made a notable jump. In just a few minutes, the price shot from $43,600 to a peak of almost $44,200.
The bitcoin price of the past 24 hours. – Source: CoinMarketCap
Thanks to the price explosion, Bitcoin is now approaching its important resistance level of between $ 44,400 and $ 44,700. This level has regularly generated the necessary selling pressure and is a major obstacle for bitcoin.
At the time of writing, the BTC price on crypto exchange Bybit powered by SATOS is equal to $44,112. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to 40,527. Compared to 24 hours ago, BTC is up 0.17%.
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Market updates
Altcoins are falling hard, Cardano and Avalanche the biggest losers
Looking at the rest of the market, a clear contrast can be noted with the king of cryptocurrencies. The majority of altcoins are significantly lower than 24 hours ago, despite the recent price jump that many have made.
Ethereum has given up 1.43%, ripple (XRP) is down 1.46% and dogecoin (DOGE) is down 3.50%.
Solana (SOL), cardano (ADA) and avalanche (AVAX) have fallen the most in the past 24 hours. Solana has fallen by 4.86%, cardano by 7.11% and avalanche by 6.71%.
The contrast between bitcoin and the rest of the market logically benefits bitcoin dominance, or bitcoin’s share in the broader crypto market. It has already been in a strong upward trend in recent days, and it will continue in the same direction for the time being.
#Bitcoin dominance.
No mercy since a few days. No fun if you’re holding altcoins. pic.twitter.com/I2qRkrSoaO
— TomX (@tom_etal) January 8, 2024
Post Views: 1.815
2024-01-08 06:58:54
#Bitcoin #experiences #remarkable #volatility #crypto #market #falls #sharply
