The crypto market has started the week on a bearish note, with the total market cap down by 2.36%, standing at $2.04 trillion. Despite the price drop, trading volumes have surged by 77.80%, reaching $62.59 billion. As of now, Bitcoin is priced at $58,687.58, while Ethereum holds at $2,307.8. Major altcoins like Solana (SOL) and XRP have also seen losses, dropping 2.67% and 2.14%, respectively.
Bitcoin Price Update: Will BTC Reclaim $60K?
Bitcoin (BTC) is currently hovering around $58,757.33, down by 2.05%. The price dip comes amid market uncertainty tied to news about Trump, a possible Federal Reserve rate hike, and the upcoming U.S. presidential elections. However, trading volumes for BTC have risen by 111% over the previous day, indicating strong activity. As market conditions stabilize, Bitcoin may have a chance to bounce back and reclaim the $60K level.
Ethereum Price Drops 4%: Altcoins Also in the Red
Ethereum (ETH) has seen its price tumble to $2,260, driven by concerns surrounding the Federal Reserve's announcements and rising fear, uncertainty, and doubt (FUD). This drop has also resulted in the lowest ETH/BTC ratio since April 2021. Other major altcoins are also feeling the heat, with Solana, XRP, and Toncoin down 2.43%, 2.33%, and 2.4%, respectively.
Top Gainers Today
- ZRO: Up 2.31%, now priced at $3.89, bolstered by strong technicals.
- STORJ: Increased by 2.24%, reaching $0.364, also bolstered by strong technicals.
Top Losers Today
- Nervos Network (CKB): Corrected by 8.4%, now at $0.01553 after a strong uptrend.
- Fetch.ai (FET): Lost 7.8%, bringing its price down to $1.30.
MicroStrategy Adds to Its Bitcoin Holdings
Despite the market volatility, MicroStrategy continues to build its Bitcoin reserves, adding 18,300 BTC worth $1.1 billion. This brings the company’s total holdings to 244,800 BTC, demonstrating its confidence in the long-term value of the cryptocurrency.
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