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Bitcoin’s Price Takes a Downward Turn
Bitcoin’s value experienced a significant decline yesterday after facing resistance at the $113,000 mark, leading to a drop of over $2,000. However, as of this writing, bullish investors are making a comeback in the market. While many large-cap altcoins have shown lackluster performance on a daily basis, several mid-cap and smaller tokens are witnessing remarkable growth.
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Bitcoin Eyes $113,000 Once Again
In recent days, Bitcoin, the leading cryptocurrency, encountered increased selling pressure around the $113,000 level. To recall, following the release of the latest employment report in the United States last Friday, Bitcoin surged to this level and even slightly surpassed it for a brief moment. Nevertheless, it faced immediate rejection, plummeting more than $3,000 in less than an hour.
After a few days of consolidation around $110,500, bullish investors launched another offensive, initially on Monday and more robustly on Tuesday, pushing Bitcoin’s price up to $113,200. Yet, the bears regained control, thwarting any further upward momentum.
In the subsequent hours, the digital asset fell to $110,800 on the Bitstamp exchange before the bulls returned to the scene. On Wednesday morning, they initiated another rally, nearly pushing BTC back toward the $113,000 level at the time of this writing. According to CoinGecko, Bitcoin’s market capitalization has dipped below $2.25 trillion, while its dominance over altcoins stands at 56.1%.
Altcoins on the Rise: Smaller Tokens Shine
As mentioned earlier, most large-cap altcoins have not exhibited notable movements in the past 24 hours. Ethereum (ETH), Ripple (XRP), Cardano (ADA), Chainlink (LINK), SUI, and Stellar (XLM) are slightly in the red, whereas Solana (SOL), Dogecoin (DOGE), Bitcoin Hyper (HYPE), TRON (TRX), and Avalanche (AVAX) have posted modest gains.
However, the scenario is quite different for smaller tokens. Bitcoin Hyper (HYPE) has captured significant attention with an impressive 33% surge, propelling it past the $0.037 mark. Other notable gainers include IP with a 21% increase, PUMP with a 14% rise, and MNT climbing 12.5%, rounding off the club of double-digit gainers.
The overall cryptocurrency market capitalization remains relatively stable compared to yesterday, hovering around $4 trillion, according to CoinGecko data.
