Following a vibrant peak in 2021, the cryptocurrency market faced a downturn in 2022, with Bitcoin‘s (BTC) value nearing $15,000 at year’s end. A rebound was observed as prices rallied back up, reaching a peak on March 5, 2024, yet investors remained cautious.
Crypto Market Oscillations
Bitcoin achieved an all-time high of $69,000 in a historic surge, only to sharply fall to around $59,000 shortly after. It managed a partial recovery to $64,575, but the overall market showed signs of a 4% decrease. The total market capitalization took a hit, dropping to just above $1.2 trillion, with Bitcoin’s trading volume spiking by 38%, amounting to more than $99 billion.
Ethereum Shows Resilience as Other Altcoins Fluctuate
Ethereum (ETH), the leading altcoin, displayed resilience with only a marginal 0.32% decrease, maintaining a price of $3,665. Meanwhile, XRP saw a more significant 5.6% drop, slipping below $0.6. SOL, another altcoin that has recently garnered attention, experienced a 1.72% decrease, with its value at $126. Cardano (ADA) faced a sharp 6% drop, trading at $0.7000.
Meme coins SHIB and DOGE also witnessed declines after days of positive performance. SHIB’s value decreased by 6.1% to $0.000034, while DOGE tumbled nearly 9%, trading at $0.1618.
In contrast, certain altcoins defied the downtrend and delivered positive returns to their investors. WIF, recently listed by Binance, soared by 28%, reaching $1.82. Other altcoins like STRK and LUNC, rose by 11.43% and over 11% respectively, with LUNC responding positively to recent legal developments. Uniswap’s UNI also rose by 9.87% to $14.4, following the introduction of a rewards mechanism.
