Ripple and Shiba Inu rally as Bitcoin misses $65,000 level (Market Watch)

Bitcoin price hit a multi-week high of $66,000 yesterday, but bears quickly intercepted the move and pushed the asset south by more than a million.

Altcoins are also in the red today, with SHIB, XRP and XLM emerging as the biggest losers on a daily basis.

BTC cannot go above $66,000

After a negative start to the month, when BTC fell sharply to below $54,000 on July 5, the cryptocurrency began its recovery rather immediately and returned to $58,000, where it remained for approx. one week.

The landscape changed last weekend after the failed assassination attempt against pro-crypto US presidential candidate Donald Trump. Bitcoin shot up a few thousand immediately and further to $63,000 on Monday.

The bulls kept the pressure on, pushing BTC to a multi-week high of $66,000 amid surging ETF inflows, which were recorded yesterday morning. However, the asset’s gains stalled at this point and it started to lose some traction.

As of now, the cryptocurrency is more than a thousand away from its local top at just under $65,000. Its market cap is down to $1.280 trillion, while its dominance of the highs is well above 51% in CG.

Bitcoin/Price/Chart 18.07.2024. Source: TradingView XRP, SHIB Retrace Hard

Most of the altcoins rose in the last few days, but the trend has changed now. Ripple’s native token was among the best of late, but a 6% daily pullback has halted its run, sending it back to $0.57.

Shiba Inu is the other big loser in the highs. The second largest meme coin is down 8.3% and is trading at $0.000017. ETH, DOGE, AVAX, DOT, LINK and UNI are also in the red from this cohort of altcoins.

Total cryptocurrency market capitalization, which hit a multi-week high yesterday, is down $40 billion to $2.49 trillion in CG.

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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