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Bitcoin's price has continued to show sluggish performance in the past 24 hours, remaining below the $26,000 mark. Additionally, most altcoins are also experiencing slight declines in value. Notable losers in the altcoin space include SOL, LTC, SHIB, and TON, with losses of up to 5%.
Bitcoin, a week ago, saw a significant daily price surge after trading sideways for weeks. This surge took BTC from $26,000 to a 15-day peak of over $28,000, driven in part by the news of Grayscale's win over the SEC in a US court. However, the excitement was short-lived, especially following the SEC's decision to delay making a decision on current spot Bitcoin ETF applications.
Bitcoin's price retraced by $1,000 the following day and dropped by another $1,500 within 24 hours, reaching an 11-week low at $25,350 on many exchanges. Bitcoin managed to recover some ground by the weekend, hovering around $26,000. Since then, it has continued to trade slightly below this level. Consequently, its market capitalization has fallen just below $500 billion, with its dominance over other cryptocurrencies remaining at 48.3%.
As for altcoins, most of them showed minor gains recently but are experiencing declines today. Ethereum is down 1%, trading at $1,620. BNB, XRP, and ADA are also in the red, though to a lesser extent. Solana, Litecoin, Shiba Inu, and TONCOIN have all experienced declines of around 2.5-3% in the past 24 hours. In contrast, DOGE, MATIC, and TRX are among the few altcoins showing gains.
Gala Games' native token has experienced a 5% drop in the past day and a 17% drop over the week due to ongoing issues between the project's co-founders. GMX, ASTR, and HBAR have also seen weekly losses of up to 13%.
The total cryptocurrency market capitalization has retraced from recent gains and is now back at $1.040 trillion according to CoinMarketCap.
