BTC price back to $63,000, WIF down 10% daily (Market Watch)

The price of Bitcoin after the Fed rate cut stopped at $64,000 and the asset was reduced by around one million.

Altcoins are also in the red on a daily basis, with the biggest corrections coming from the biggest caps TON, AVAX and NEAR.

BTC up to $63,000

Bitcoin began the trading week with a correction that took it from above $60,000 to below $58,000 on Monday. It was expected to be a highly volatile week for the asset as the US Federal Reserve held a meeting on Wednesday to discuss a cut in key interest rates.

In the hours leading up to the event, BTC soared to over $61,000, but went on a rollercoaster ride once the US central bank effectively cut rates by 0.5% on Wednesday. However, the bulls prevailed and started another big ascent that took the cryptocurrency to just over $64,000 yesterday, which became its highest price in more than three weeks.

However, the asset was unable to sustain its run and has declined by a thousand since then, currently trading around $63,000. Also, there are other signs that the run might be over for now and BTC might drop further.

Its market cap has risen to just under $1.25 trillion, and its dominance of the alts, which soared to 55% at one point, is now down to 54.3% at CG.

Bitcoin/Price/Chart 09/21/2024. Source: TradingView Highs in pullback mode

Altcoins also posted impressive gains since Wednesday, but have calmed down on a daily basis. ETH, XRP, BNB, TRX and SHIB have experienced price movements of less than 1%. Others, such as SOL, DOGE, ADA, LINK and BCH, have declined by 1-2%.

The most notable price drops have come from the likes of Toncoin, Avalance, and NEAR Protocol. TON is down 5% and is now at $5.5, AVAX is down 4% to $27 and NEAR (-4%) is at $4.3.

WIF is the biggest loser of the top 100 alternatives, down almost 10%. NOT, BRETT, POPCAT and AR follow suit.

The total crypto market capitalization has lost about $40 billion since yesterday and is now below $2.3 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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