Following a few consecutive days of charting gains and multi-week peaks, bitcoin’s price movements have finally reversed, leading to a significant correction of approximately two thousand dollars.
Most altcoins have followed suit, aside from TRUMP, which experienced an explosive increase in value after it was announced that the top 220 holders would have a special dinner with the US president.
BTC Rally Halts
The past week has been relatively sluggish for BTC, as the asset spent most of its time within a narrow range of $83,000 to $86,000. All attempts for a breakout in either direction were effectively thwarted.
The weekend mirrored this trend, with minimal price movements. However, a shift occurred on Monday morning when BTC finally broke its upper boundary, surging past $87,000. Following a brief correction, the asset continued its ascent on Tuesday, surpassing $90,000 for the first time since early March.
Wednesday saw further gains, with bitcoin adding another four thousand dollars and exceeding $94,000, marking a new multi-week peak. After an increase of almost ten thousand dollars within just a few days and a total surge of $20,000 since the lows experienced on April 7 and 9, BTC has begun to lose some momentum, as was perhaps expected.
Currently, the asset is trading around $92,000, having retracted just over two thousand dollars from its local peak. Its market cap has also retraced to $1.825 trillion, while its dominance over altcoins remains robust at well above 61%.
TRUMP Shoots Up
The most significant news in the cryptocurrency space emerged yesterday from the US president’s team, indicating that the top 220 holders of the TRUMP meme coin would be invited to a special dinner with the President of the United States. Consequently, the asset’s price skyrocketed as investors rushed to buy it. TRUMP is currently up nearly 30% on a daily scale and even higher compared to previous days.
In stark contrast, most altcoins turned red today, with XRP, DOGE, HBAR, and PEPE leading losses from larger-cap alternatives, while IMX suffered the most significant drop among mid-cap cryptocurrencies.
The total cryptocurrency market capitalization has decreased by approximately $80 billion since reaching its peak yesterday, now standing at under $2.970 trillion.
