Bitcoin price has been on a surge for the past few days and reached a price peak above $65,500 yesterday but continued to decline by two thousand dollars.
Altcoins are also down today, with DOGE, SHIB, and AVAX among the worst performers from the crypto market capitalization.
The major crypto had a very volatile and worrisome week, it hit a price peak then made a big drop to a two-month low of $56,500 on Wednesday. The rollercoaster of price volatility occurred when the US Fed announced it would not raise interest rates last week, but the real recovery began on Thursday and Friday.
The price of BTC surged on Friday by adding several thousand dollars and passed the $60,000 trading level. It continued to rise throughout the weekend and almost touched $64,500. After a brief sell-off on Sunday, the asset bounced back on Monday morning and surged to a 12-day peak of $65,500.
But that level could not be sustained as selling began to take back control and push bitcoin towards a loss of around three thousand dollars. As a result, BTC fell to $62,650 before it rose to $63,348.59.
Altcoins experienced strong gains yesterday, but the trend has now turned for most altcoins. SOL among large-cap altcoins traded strongly near $160 before easing to $153.
In contrast, DOGE price has fallen by 5.3% to below $0.16, SHIB is down by 6% to $0.000024, and AVAX has retreated by 5.8% to $37.
The situation with mid-cap altcoins also suffered a similar fate, with MATIC, HBAR, STX, PEPE, TAO, and ICP down between 5-9%. RNDR is the lone exception. The asset has exceeded $10 after another 5% daily increase.
The overall crypto market cap has dropped by about $60 billion in one day and is now just under $2.5 trillion.
