#BitcoinMarket #CryptoNews #BTCDecline #Altcoins #SOL #AVAX #CryptoMarketCap #FOMCMeeting
Bitcoin’s struggle to revive from a recent market slump continues as it mostly remains around $41,000, a below-par condition for the dominant cryptocurrency. The market downfall also significantly affected altcoins, most notably SOL, which couldn’t hold onto the $70 mark, and AVAX plummeted below $40. BTC managed to reach its peak of $44,700 in this period, an 18-month high for the digital asset. But thereafter, it suffered a downturn, initially dipping below $41,000 and then further declining just above $40,000.
The cryptocurrency bounced back to $42,000 following the setback, and despite the revelation of November’s Consumer Price Index (CPI) numbers in the US, Bitcoin remained relatively steady. However, a drop in price persisted and the digital currency dipped below $41,000 once more. Currently, it trades just above this level. Financial strategists are predicting more market volatility due to the forthcoming conclusion of this year’s last FOMC meeting by the US Federal Reserve. Amidst these conditions, BTC’s market cap has depreciated to $805 billion, but its dominance over other altcoins has somewhat recuperated to 52.2%. On the other hand, SOL and AVAX experienced a substantial decrease, with the latter losing 12% of its value within a day.
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