In a surprising market shift, Bitcoin‘s value plummeted below the $70,000 mark after a period of consecutive record highs. The sudden decline followed the release of U.S. Producer Price Index (PPI) data on March 14, which seemed to affect investor sentiment negatively. Concurrently, Ethereum’s price also underwent significant volatility and a subsequent decrease, notably after its Denison upgrade. Despite reaching $4,000 before the upgrade, a figure not seen since 2021, Ethereum did not maintain its rally. Amidst the market’s downward trend, the highlight of the day was Solana, which stood out with its impressive performance, reasserting its prominence in the 2023 crypto sphere.
Bitcoin’s Steep Descent
Earlier in the day, Bitcoin had shown a temporary upswing, hitting an all-time high as it had done in the previous week. However, the upbeat trend was short-lived as post-PPI data, Bitcoin’s value took a sharp turn, dropping from above $73,000 to $71,000. This drop quickly intensified, sending Bitcoin’s price below $70,000 within hours.
Currently, Bitcoin’s depreciation continues, with its price hovering around $67,572, marking a 5.36% decrease. This decline coincided with a significant increase in Bitcoin’s trading volume, which climbed by 50%, reaching over $72 billion. Despite the dip, Bitcoin’s market capitalization remains above the $1.3 trillion threshold.
Ethereum and Other Altcoins’ Struggle
Post-upgrade, Ethereum’s price endured fluctuations and a 2% decrease, bringing it down to $3,957. This retreat followed a brief surge above the pivotal $4,000 mark. At present, Ethereum trades at $3,710.
XRP mirrored the negative trend with an initial rise but currently faces a 6.46% decline, with its price at $0.63. Binance Coin (BNB) also experienced a similar fate, unable to maintain its previous 5.63% gain, now trading below $600 at a price of $580.
Solana Outshines in Troubled Waters
Despite a dramatic fall following the FTX crisis last November, where Solana’s price sank below $10 amid bankruptcy rumors, Solana has since rebounded remarkably in 2023. During a generally bearish market day, Solana’s price rose over 5%, reaching $177.
Solana’s market capitalization has surged to $78 billion, and its 24-hour trading volume has increased by 64%, surpassing $10 billion. This rally reflects a strong investor confidence in Solana that stands in stark contrast to the prevailing market conditions.