Bitcoin, the popular cryptocurrency, recently soared to new heights, reaching a peak of $64,500. However, the excitement was short-lived as it couldn’t sustain its upward momentum and has since dropped by over $1,000.

Mixed Signals for Altcoins

Many other major cryptocurrencies, known as altcoins, are also experiencing a slight downturn. TON, ADA, and SHIB, among others, have seen declines ranging from 2-4% over the past day.

A Rocky Start to May

May didn’t start on a high note for Bitcoin enthusiasts. After failing to break the $65,000 barrier, Bitcoin experienced a significant drop, hitting a low of $56,500 – its lowest price in over two months.

Volatility Amidst Federal Reserve Decisions

The Federal Reserve’s decision not to increase interest rates further added to the market’s volatility. Bitcoin’s value swung wildly, with a $2,000 fluctuation in just minutes on Wednesday. However, a gradual recovery began, with Bitcoin climbing back to $59,000 by Friday.

A Brief Rally

Despite the setbacks, Bitcoin’s bulls initiated another rally that pushed the price beyond $62,000. This rally peaked yesterday when Bitcoin reached $64,500. Meanwhile, Dogecoin, a meme-inspired cryptocurrency, continued its impressive performance, climbing by 6% in the past 24 hours and reaching $0.16.

Winners and Losers

Among the top-performing altcoins is RNDR, which saw an 8.5% increase, pushing its price to $9. AVAX, LINK, and NEAR also saw gains. However, TON, SHIB, and ADA experienced declines ranging from 2-4%. Other major cryptocurrencies like ETH, BNB, SOL, and XRP also saw losses, albeit less severe.

Market Cap Fluctuations

The total market capitalization of the cryptocurrency market has decreased by approximately $40 billion since yesterday’s peak, now standing at $2.450 trillion. Bitcoin’s dominance over the market has reached 51%, although its market cap has decreased to $1.244 trillion. Despite the recent retracement, Bitcoin continues to trade above $63,000.

In Summary

Bitcoin’s journey over the past few days has been tumultuous, with rapid price fluctuations and mixed performances among altcoins. While Bitcoin reached new highs, it struggled to maintain momentum amidst market volatility and external factors such as Federal Reserve decisions. As the cryptocurrency market continues to evolve, investors brace themselves for further ups and downs in the days ahead.