Cryptocurrencies Ripple and Shiba Inu Experience Significant Pullback as Bitcoin Drops Below $65K
Bitcoin experienced a surge in price, reaching $66,000 recently, but a swift downturn followed, causing the asset to drop by over $1,000. Concurrently, altcoins like SHIB, XRP, and XLM are currently in the red, emerging as the most significant losers within a daily timeframe.
Following a challenging start to the month, Bitcoin plummeted below $54,000 on July 5. However, the cryptocurrency swiftly initiated its recovery, bouncing back to $58,000, where it stabilized for approximately a week. The landscape shifted over the weekend after an unsuccessful attempt on the life of pro-crypto U.S. presidential candidate Donald Trump. Bitcoin’s value surged immediately, climbing to $63,000 and peaking at $66,000 amid increasing ETF inflows, as reported yesterday. Despite these gains, Bitcoin’s upward momentum waned, leading to a loss of traction.
Presently, Bitcoin stands over $1,000 away from its recent peak just below $65,000. Its market capitalization has decreased to $1.280 trillion, while its dominance over alternative coins remains above 51% on CG.
On the other hand, several altcoins, which had been on an upward trend in recent days, are now retracing. Ripple’s native token, for instance, was among the top performers until a 6% daily retreat halted its progress, pulling it back to $0.57. Similarly, Shiba Inu, the second-largest meme coin, is down by 8.3% and is trading at $0.000017. Other major altcoins such as ETH, DOGE, AVAX, DOT, LINK, and UNI are also experiencing declines.
The total cryptocurrency market capitalization, which reached a multi-week high yesterday, has dropped by $40 billion to $2.490 trillion on CG.
In conclusion, the crypto market is witnessing fluctuations in both Bitcoin and altcoin prices, with Bitcoin’s recent surge being followed by a pullback and altcoins like XRP and SHIB also retracting from their recent gains. This volatility underscores the dynamic nature of the cryptocurrency market and the importance of closely monitoring price movements for investors and traders alike.
