Bitcoin (BTC), the largest and first-ever cryptocurrency, is having a hard time recovering its value in the last 24 hours. It was stopped at $88,000 and has dropped around $2,000 in value since then, now sitting at $86,000.
Other big cryptocurrencies, known as altcoins, are not seeing much movement either. Ethereum (ETH), a blockchain platform with its native cryptocurrency called Ether, has dropped slightly to $2,900. XRP, a coin meant for fast and cheap global transactions, is holding steady above $1.90.
Bitcoin Drops to $86K
Just last week, Bitcoin was doing much better. After the Federal Reserve announced a decision to lower interest rates, Bitcoin’s price went up to $94,500. It tried to reach that level twice but faced rejection both times, which made its price go down. You can learn about federal interest rates here.
After the first drop, Bitcoin fell to $90,000 but managed to stay at that level for a while, through the weekend. On Sunday, it slipped to $88,000 but bounced back quickly to $90,000.
Things worsened on Monday, though. Bitcoin lost more than $4,000 in value and went down to $85,000. Yesterday, it recovered slightly to $88,000, but now it’s struggling to stay above $86,000.
The total value or market capitalization of Bitcoin is currently $1.720 trillion. Its dominance, which measures how much of the overall cryptocurrency market is Bitcoin, is now just under 57%. If you want to learn about cryptocurrency market cap, you can check the definition here.
Ethereum and Other Coins Stay Stable
Ethereum (ETH) hasn’t had major changes in its price either. As mentioned, it’s slightly in the red and sits just above $2,900. Ripple’s XRP has managed to stay above $1.90 throughout this period. Binance Coin (BNB), a cryptocurrency launched by Binance exchange, is priced at $860 for now. Learn about BNB here.
Meanwhile, some smaller cryptocurrencies have either gained or lost value. Bitcoin Cash (BCH), a digital currency that was created to make transactions faster, and Monero (XMR), known for privacy and keeping transaction details secret, posted the biggest gains among popular altcoins. Learn more about Bitcoin Cash or Monero.
Mixed Results for Tokens and Altcoins
The Pi Network token also saw some changes. Pi Network is a cryptocurrency that is easy to mine using your mobile phone. Yesterday, its value fell below $0.20 but has now bounced back slightly and sits just above $0.20. Want to know about Pi Network? Find more here.
There are bigger losses with tokens like ASTER, which fell by 8.5% in value in the past day. PUMP and ENA also dropped. On the brighter side, other tokens like NIGHT are rising, gaining 6%. Coins such as SKY and PI also increased their value by 4% each.
Total Crypto Market Is Struggling
The overall cryptocurrency market capitalization has dropped in value as well. It fell by $30 billion overnight and is now close to falling below $3 trillion.
If you’re looking at charts and analyzing prices, TradingView is a great tool to use, offering graphs and other financial data. Learn about TradingView here.