Bitcoin’s price recovery tour took it to a multi-day peak of $64,500 yesterday, but the asset failed to continue upward and has retraced by over a grand since then.

Most larger-cal alts are slightly in the red on a daily scale, with TON, ADA, and SHIB declining by 2-4%.

BTC Stopped at $64.5K

The start of May was quite painful for the bitcoin bulls as the cryptocurrency slumped hard after failing to pump above $65,000 a day earlier. The massive correction drove the asset to its lowest price tag in over two months of $56,500.

The Fed’s refusal to raise the interest rates any further brought more volatility, as BTC pumped and dumped by $2,000 in minutes on Wednesday afternoon. Only then started the gradual price recovery as bitcoin jumped to $59,000 by Friday.

The bulls initiated another leg up then that drove the asset to and beyond $62,000. This increase culminated yesterday with an increase to a multi-day high of $64,500.

However, bitcoin failed to overcome that level and has retraced by more than $1,000 since then. Still, it trades above $63,000 and its dominance over the alts has neared 51%. In contrast, its market cap has declined to $1.244 trillion on CG.

Bitcoin/Price/Chart. 05.05.2024. Source: TradingView
Bitcoin/Price/Chart. 05.05.2024. Source: TradingView

DOGE Keeps Rising

The largest meme coin – Dogecoin – was among the top performers yesterday and it has only doubled down on its run. DOGE has jumped by another 6% in the past 24 hours and now trades at $0.16.

The other impressive gainer from the top 36 alts is RNDR, which has soared to $9 after an 8.5% daily increase. AVAX, LINK, and NEAR are also in the green.

In contrast, TON, SHIB, and ADA have declined by somewhere between 2-4%. ETH, BNB, SOL, and XRP are also in the red but in a less painful fashion.

The total crypto market cap has declined by around $40 billion since yesterday’s peak and is now down to $2.450 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto