The cryptocurrency market has begun the new week with a mix of significant movements, with Bitcoin grabbing the spotlight by scaling new heights. Despite the overall positive trend, some altcoins and meme-based digital currencies witnessed declines.
Bitcoin’s Impressive Rally
Bitcoin had an extraordinary run last week, scaling past the anticipated $69,200 mark to reach higher than $70,000 in futures trading, marking a historic peak. However, the leading cryptocurrency faced a slight retreat, dipping down to $66,000 but has since stabilized around $68,500 despite a 1.52% dip over 24 hours. The trade volume for Bitcoin also experienced a 43% surge, crossing the $36.6 billion threshold.
Challenges for Ethereum and Other Altcoins
Ethereum, which holds second place in market volume, has not been as fortunate, showing a 2.5% decrease and landing at a price of $3,850, a setback from surpassing the $4,000 mark last week. Similarly, Solana‘s price dropped by 4.5%, now trading at $140.
Meme coins have had the most significant downturns, with Dogecoin falling 6.2% to $0.1668, and Shiba Inu plunging 8%, now at $0.00003212. These declines are notable given their recent highs in previous weeks.
Conversely, Binance Coin (BNB) showcased a positive trend, increasing by 5.62% to over $521 and pushing its market capitalization beyond $77 billion. The trading volume for BNB also spiked by 127%, reaching above $5 billion, indicating robust investor activity and interest.