Cryptocurrency Market Reacts to Bitcoin’s New Record While Altcoins Struggle

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The cryptocurrency market experienced a lively day with Bitcoin reaching a new record high. The leading cryptocurrency surged to $94,000 during intraday trading, demonstrating strong resistance at this level. Meanwhile, the altcoin market was predominantly in a downward trend, prompting cautious behavior among traders regarding market fluctuations.

Bitcoin Hits New High, Altcoins Decline

Bitcoin traded at $92,050, gaining 0.5% over the last 24 hours. The daily low and high were recorded at $91,059 and $94,002, respectively. Bitcoin’s market capitalization rose to $1.81 trillion, with a 24-hour trading volume reaching $75 billion.

The global cryptocurrency market shrank by 0.3% to $3.07 trillion. Daily trading volume decreased by 10% to $179 billion, while net daily inflows were measured at $600 million.

Top Gainers and Losers in Cryptocurrency

In the altcoin market, GOATseus Maximus and BONK exhibited notable performance with increases of 12% and 10%, respectively. UNUS SED LEO rose by 9%, providing some joy to investors. Conversely, Hedera and Akash Network were among the biggest losers, declining by 16% and 12.7%.

A transfer of 210 million XRP coins by whales sparked rumors of a potential partnership with Cardano . Additionally, Ethereum ETFs experienced an outflow of $67 million. The lack of updates from BlackRock and Grayscale caused uncertainty in assessing market dynamics.

On a weekly basis, Bitcoin shows a positive trend with a 0.02% increase on hourly charts, while Ethereum experienced a 0.1% decline in the same timeframe. Bitcoin’s rise encourages traders, yet the drop in altcoins raises concerns.

The cryptocurrency market continues to present opportunities and risks amid significant volatility. Traders must carefully monitor this complex landscape.

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