Following a period of downward movement, Bitcoin’s price surged by approximately two thousand dollars in response to the Fed’s decision to hold interest rates steady. However, the gains were short-lived as the price swiftly retreated.
Bitcoin’s dominance is declining by 0.5% daily, with several altcoins showcasing stronger performances. Altcoins are demonstrating resilience, with notable gains seen in Solana, Ripple, Polkadot, ICP, PEPE, among others.
Bitcoin’s Fluctuations Persist Just days ago, Bitcoin was trading confidently above $60,000, approaching the $65,000 mark during early Asian trading hours on April 30. Despite these bullish signs, it failed to breach this level and began to decline gradually, exacerbated by significant outflows from US ETFs and disappointing performances of Hong Kong-based ETFs. The situation worsened on Wednesday as Bitcoin fell to a two-month low of $56,500, resulting in over $500 million in liquidations.
All eyes turned to the US Federal Reserve for its decision on interest rates. Following the announcement of no imminent rate hike, Bitcoin surged by two thousand dollars, nearing $60,000.
However, it failed to sustain this upward momentum and retraced to its initial position. Currently, Bitcoin is trading close to $58,300, with a market cap of $1.140 trillion. Nevertheless, its dominance over altcoins has diminished, now standing at 53.72%.
Respite for Altcoins While altcoins experienced similar or even more severe downturns in recent days compared to Bitcoin, many are now showing signs of recovery.
Solana stands out as one of the top performers, with SOL up by 11.5%, trading above $130. PEPE has surged by 16%, while SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP have also seen gains ranging from 6% to 12%.
The total crypto market cap has rebounded by approximately $50 billion from yesterday’s low, nearing $2.3 trillion on CG.
