Bitcoin has experienced a drop of $1,000 following the peak induced by Grayscale. Meanwhile, Solana has retraced 4%, according to the latest market watch. Find out more about the current state of the cryptocurrency market.
The Recent Volatility in Bitcoin and Altcoin Prices
Bitcoin, the world’s largest cryptocurrency, has experienced significant volatility in recent days. After reaching a two-week high above $28,000, the price of Bitcoin has started to decline, dropping by approximately $1,000. This sudden fluctuation comes after a period of relative stability, where Bitcoin was unable to break the $27,000 mark. The recent drop brings its market cap down to $530 billion, but it still maintains a dominant position with a 48.9% market share.
The Impact of Grayscale’s Court Win
A US court recently ordered the Securities and Exchange Commission (SEC) to vacate its decision to reject Grayscale’s application to convert its flagship fund, GBTC, into a spot Bitcoin Exchange-Traded Fund (ETF). This decision has created excitement among investors and has led to a surge in the price of Bitcoin.
Within a few hours of the court ruling, the price of Bitcoin soared by over $2,000, reaching a two-week high above $28,000. This sudden increase in price resulted in approximately $80 million in shorts being liquidated. However, since then, Bitcoin has been unable to maintain its upward momentum and has retraced by around $1,000.
The Performance of Altcoins
Most altcoins followed Bitcoin’s price movements and experienced gains during its surge. However, many of them have also retraced slightly in recent days. Ethereum (ETH) is currently down by 0.5% but remains above the $1,700 mark. Binance Coin (BNB) has slipped by 1% and is trading just below $225.
Solana (SOL) has experienced the most significant drop among the top 10 cryptocurrencies, declining by 4%. Nevertheless, SOL is still trading above $20. Other altcoins such as Ripple, Cardano, Tron, TONCOIN, Polkadot (DOT), Polygon (MATIC), Litecoin (LTC), and Shiba Inu (SHIB) have also seen slight declines in recent days.
On the other hand, Dogecoin (DOGE) has added 1.5% to its value overnight and is trading above $0.065.
Despite the fluctuations in individual altcoin prices, the total cryptocurrency market cap remains above $1.090 trillion.
It is important to note that cryptocurrency markets can be highly volatile, and investors should always conduct their own research before making any investment decisions.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Note: The above article is for informational purposes only. This content should not be considered as financial advice.