Bitcoin, the leading cryptocurrency, has faced challenges in maintaining its price above $29,000. Over the past 24 hours, there has been a minor retracement that pushed the asset back down to just over $29,000. This comes after a week that started on a negative note for Bitcoin, as it failed to break through the $30,300 mark on Sunday. The subsequent rejection led to a drop to a monthly low of under $29,000 on Monday.
However, the bulls managed to intervene at this point and prevented further declines. They pushed the cryptocurrency back up to just over $29,000 as the community awaited the US Federal Reserve’s latest interest rate decision, scheduled for Wednesday. Surprisingly, the rate hike had little immediate impact on Bitcoin. It was only hours later that the asset saw a modest increase of a few hundred dollars, but it failed to challenge the $30,000 level.
Unfortunately, the past 24 hours have brought more pain for Bitcoin bulls, as the cryptocurrency fell back down to just over $29,000, where it currently stands. Its market cap has also fallen to $565 billion, while its dominance over other cryptocurrencies remains at 48.2% on CoinMarketCap.
In addition to Bitcoin’s struggles, several altcoins have also experienced losses. Ethereum, Ripple, and Binance Coin have all declined by up to 1% to $1,860, $0.7, and $240, respectively. Cardano and Litecoin have seen similar drops. Among the larger-cap altcoins, Dogecoin and Polygon have retraced the most, with both assets down by around 3%. Other cryptocurrencies such as SOL, DOT, BCH, and SHIB are also in the red.
However, there are a few exceptions in the market. ICP, for example, has seen a 3% increase, pushing its price to $4.25. Nevertheless, on a weekly scale, many altcoins have experienced significant losses. PEPE, GALA, INJ, and MNT have all dumped by somewhere between 10-15%.
Overall, the total crypto market cap has also lost some steam and is currently struggling at $1.180 trillion on CoinMarketCap. The cryptocurrency market remains volatile, and investors are closely watching for any further developments that may impact prices.
Disclaimer: This article is not financial advice. The information provided is based on market analysis and should not be taken as investment recommendations. Cryptocurrency investments are inherently risky, so readers should do their own research and consider their risk tolerance before making any investment decisions.