Bitcoin, the first and most popular cryptocurrency, had a bumpy ride this week. It saw its price drop below $90,000 briefly yesterday, but it managed to climb back above that level this Saturday morning.
Other well-known cryptocurrencies like Ethereum, Solana, and Cardano also faced price drops in the past day. Ethereum, often called ETH, fell by nearly 4% and is now just above $3,100. Solana and Cardano also showed slight declines.
Bitcoin Holds Strong at $90K
This week was very eventful for Bitcoin. Its price went up and down a lot because of the Federal Open Market Committee (FOMC) meeting on Wednesday. The FOMC is a group responsible for managing key economic decisions like setting interest rates (Learn more about the FOMC).
Earlier in the week, Bitcoin’s price shot up from under $90,000 to reach $94,500 on Tuesday, its highest value in weeks. However, before the FOMC meeting, the price dropped slightly.
After the FOMC officially announced that they would reduce interest rates by 0.25%, Bitcoin’s price went up again. It reached $94,400 but couldn’t stay at that level for long. Soon after, its price dropped sharply to below $89,500.
The Bitcoin ‘bulls’—people who believe prices will continue rising—tried to increase the price again. They managed to push it back up to $93,600 on Thursday. Still, Bitcoin couldn’t hold on to those gains. By Friday, it dropped around $3,000 before climbing back above the $90,000 support level. Despite some challenges, Bitcoin has stayed above $90,000 since then. Its total market value remains above $1.8 trillion, and it holds 56.9% dominance in the crypto market.
Bitcoin price chart. Source: TradingView (Learn more about TradingView).
Other Cryptocurrencies Follow Bitcoin’s Trends
Ethereum experienced a dip during the week, going below $3,100 on Friday. While it has recovered slightly since then, it remains about 3.8% lower than before. Ethereum is a blockchain platform that powers many decentralized apps and has its cryptocurrency called Ether (Learn more about Ethereum).
Other coins like Solana, Cardano, TRON (TRX), Dogecoin (DOGE), Chainlink (LINK), and Stellar Lumens (XLM) also lost some value between 1.5% and 3%. Solana, for example, is a blockchain platform focused on fast and low-cost transactions (Learn more about Solana).
Two smaller tokens, Hyperliquid (HYPE) and ENA, dropped even more, losing about 4-5% of their value. HYPE is currently priced at $28, while ENA is at $0.25.
On the brighter side, HASH, a lesser-known cryptocurrency, saw a massive 13.5% increase in price to $0.03. Another token, M, followed with an 8% rise, now priced at $1.67 as of this Saturday.
The Bigger Picture
The overall cryptocurrency market lost about $40 billion in value within just one day. Its total value now stands at $3.175 trillion. For context, the market capitalization of cryptocurrencies is the total value of all coins combined (Learn more about crypto market capitalization).
Although the past few days have been shaky, Bitcoin has managed to hold its ground above the important $90,000 level. Meanwhile, other cryptocurrencies are still trying to find stability amidst this market turbulence.
Source for cryptocurrency market data: QuantifyCrypto