Bitcoin Breaks $69K Barrier, Altcoins Plunge with WIF's Steep Fall

Bitcoin approached $69,000 yesterday before being rejected. It has since gained value and is now slightly above $67,000. Larger-cap altcoins have seen losses, with Solana dropping by 6% and WIF plummeting by 15%. Some smaller assets have experienced gains, including MNT and ETC.

Bitcoin Conquers $69K Threshold, Altcoin Market Reels with WIF's Plunge

Bitcoin's Ascendance and Sudden Reversal:

After a turbulent week marred by a string of declines, Bitcoin (BTC) finally broke free from its sideways slumber yesterday evening, surging past the $69,000 mark. However, this rally proved short-lived as the cryptocurrency encountered fierce resistance, resulting in a sharp rejection.

Altcoin Market Suffers, Except for a Few Bright Spots:

The altcoin market witnessed a collective downturn in the past 24 hours, with most major players experiencing losses. Notable exceptions included TON, XRP, and BCH, which defied the bearish sentiment with modest gains.

BTC's roller coaster ride:

Monday marked the beginning of Bitcoin's turbulent week, with a significant price drop that sent the cryptocurrency plummeting from over $70,000 to below $66,000. The bears continued their assault on Tuesday and Wednesday, driving BTC to a 10-day low of approximately $64,500.

Undeterred, the bulls intervened, initiating a gradual recovery that resulted in Bitcoin regaining some lost ground on Thursday morning. However, the cryptocurrency's renewed bullish momentum proved ephemeral, as it surged past $69,000 amid growing ETF inflows, only to face a decisive rejection.

This rejection sent BTC spiraling downward by roughly $3,000. Nonetheless, the cryptocurrency managed to recover slightly, currently trading above $67,000. Its market capitalization has expanded by approximately $20 billion to $1.325 trillion, while its dominance over alternative cryptocurrencies stands at 50.3%, according to CoinGecko.

Altcoin Losses and Exceptions:

The majority of large-cap altcoins have experienced losses on a daily basis. Solana (SOL) leads the downward trend with a hefty 6% drop, followed by Dogecoin (DOGE), Avalanche (AVAX), and Chainlink (LINK), all exhibiting declines of around 3-4%.

Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT) have also suffered minor losses, while Bitcoin Cash (BCH), TON, and XRP have managed to eke out gains of around 1-2%. Manta Network (MNT) and Ethereum Classic (ETC) emerged as the top performers among the 36 largest crypto assets.

WIF's Dramatic Dive:

In stark contrast to the general market trend, Wrapped ifelse (WIF), a popular meme coin, has plummeted by 15% in a single day. The cryptocurrency has dropped to $3.3 as of writing.

Despite the losses in the altcoin market, the total crypto market capitalization has increased by approximately $10 billion, reaching $1.635 trillion on CoinGecko.