Bitcoin experienced a slight setback after reaching a multi-week high of $66,000 yesterday, as the bears pushed its price down by over $1,000. This decline comes after a period of recovery following a dip below $54,000 on July 5th.
Despite the recent rise in Bitcoin’s price, the overall cryptocurrency market is facing a downward trend today. Altcoins such as XRP, SHIB, and XLM are among the biggest losers on a daily basis.
XRP, which had been performing well in recent days, saw a 6% drop in its price, bringing it back down to $0.57. Similarly, Shiba Inu, the second-largest meme coin, experienced an 8.3% decline and is now trading at $0.000017. Other major altcoins like ETH, DOGE, AVAX, DOT, LINK, and UNI are also in the red.
The total cryptocurrency market cap, which reached a multi-week high yesterday, has decreased by $40 billion to $2.490 trillion. This decline is reflected in the charts provided by QuantifyCrypto.
It is important for investors to stay informed about market trends and conduct their own research before making any investment decisions. Cryptocurrency prices can be volatile, and it is essential to be cautious when navigating this fast-paced market.
In the midst of market fluctuations, some cryptocurrency exchanges are offering special promotions to attract new users. For example, Binance is currently offering a $600 exclusive welcome offer to new account holders. Additionally, BYDFi Exchange has a limited-time offer of up to $2,888 in welcome rewards for users who register and open a 100 USDT-M position for free.
As always, it is crucial to approach these offers with caution and to thoroughly research the terms and conditions before participating. Cryptocurrency investments carry inherent risks, and it is important to be aware of these risks before engaging in any trading activities.