Bitcoin’s bullish expectations have faded over the past few days as the bears take control. BTC slipped 4.5% in the past 24 hours, trading at $57K. This volatility has also impacted other cryptocurrencies. The drop came after the release of July consumer price index (CPI) data in the United States, which showed a 2.9% year-on-year increase, the first time CPI has climbed
Bitcoin Faces Volatility as Altcoins Tumble
Bitcoin (BTC) is on the brink of a big shift, either leaping to an all-time high or collapsing. A hypothetical comeback, similar to Toncoin’s (TON) price behavior, could propel BTC to $64,000. Bitcoin fell to just under $58,000 earlier today but has since rebounded marginally, with a market capitalization of $1.150 trillion. Bitcoin’s market dominance has fallen to 53.3%, reflecting broader market declines.
The altcoin market mirrored Bitcoin’s challenges, with Ethereum (ETH) among the most hit, falling 4.5% to just over $2,400. This dip follows Jump Crypto’s strong sales, raising concerns about further declines. Other big altcoins, including Binance Coin (BNB), Solana (SOL), and Ripple (XRP), fell, while Tron (TRX) rose somewhat.
As of this writing, the total market capitalization of cryptocurrencies, as reported by CMC, had dropped by roughly $61.89 billion, and fell to 15.72%, Now recovers to $2.11 trillion. Moreover, the fear and greed index dropped from 51 to 43.
The market’s mood remains cautious as investors assess Bitcoin’s capacity to recapture the $60,000 mark. The coming days will be critical in assessing whether this correction is a minor setback or the beginning of a longer-term decline. Macroeconomic considerations and institutional activity will influence the market’s next move. Bitcoin is currently trading at roughly $59,460.
