The cryptocurrency landscape seemed rather calm just a few days ago when bitcoin appeared stuck around $60,000. After setting a new all-time high at $69,000, bitcoin dropped by more than $6,000 in hours before calming around $65,000. Most alternative coins experienced similar price fluctuations, with ETH plummeting from $4,875 to $4,450. Bitcoin has been very volatile in the last 24 hours. However, the short-term prediction remains bullish.
Bitcoin continues to remain volatile.
Earlier this week, bitcoin added $4,000 in hours and neared its all-time high at the time of $67,000. After a brief rejection, BTC surpassed that peak and registered a new one at $68,600. However, the leading cryptocurrency went on another tear just the next day and charted a fresh ATH at $69,000. As the community was preparing for a run towards $70,000, the situation changed once more. In a matter of hours, bitcoin shed more than $6,000 and bottomed below $63,000, resulting in multi-million dollar losses in liquidations for leveraged traders.
Altcoins follow bitcoin’s rally.
As it usually happens when there’s enhanced volatility with bitcoin, most alternative coins follow suit. Ethereum, the second-largest crypto by market capitalization, also saw a new record of nearly $4,900 yesterday before it plunged by more than $500 in hours to a weekly low of $4,450. ETH also reacted well after this drop and now stands above $4,700. On a 24-hour scale, most altcoins are in the red. This includes Binance Coin (-1.5%), Cardano (-3.5%), Polkadot (-5%), Dogecoin (-4%), Shiba Inu (5%), and Avalanche (-3.3%). Solana, Ripple, Terra, and Litecoin are slightly in the green, while Chainlink has surged by 6.5% in a day to $37.