After several days of continuous increases and reaching a multi-week high, the price trend of Bitcoin has reached a turning point, currently having fallen about $2,000 from its peak.
Aside from Trump coin (TRUMP), most altcoins also followed Bitcoin's pullback. However, after the news that the top 220 holders would be invited to dinner with the President of the United States, TRUMP coin surged against the trend, becoming the market's focus.
BTC's upward momentum has stopped.
Over the past week, BTC's trend has generally been weak, oscillating in a narrow range between $83,000 and $86,000 for an extended period, with multiple attempts to rally failing.
The weekend market remained calm, with limited price fluctuations. However, on Monday morning, the market began to turn, with BTC breaking through the upper range and short-term surging above $87,000. After a brief pullback, it gained momentum again on Tuesday, successfully breaking through the $90,000 mark, setting a new high since early March.
On Wednesday, the upward trend continued, with Bitcoin rising another $4,000, breaking through $94,000, setting a multi-week high. However, after a cumulative increase of nearly $10,000 in just a few days and a total rebound of $20,000 from the early April low, it is reasonable for the market to enter a correction phase.
As of now, the trading price of Bitcoin is approximately $92,000, having fallen more than $2,000 from its local peak. Its market capitalization on the CoinGecko platform has dropped to $1.825 trillion; nevertheless, Bitcoin's market cap share on this platform remains significantly above 61%, continuing to maintain its dominant position over the entire altcoin market.
BTCUSD
TRUMP skyrockets.
Yesterday, the most noteworthy news in the cryptocurrency space came from the U.S. presidential team—Trump (TRUMP) officially announced that the top 220 holders of this meme coin would be invited to a private dinner with the President of the United States. Following the positive news, investor sentiment surged, and funds quickly poured in, driving the price of TRUMP coin significantly upward. The daily increase approached 30%, but the actual increase was even more substantial.
In stark contrast, most altcoins generally pulled back today. Among mainstream coins, XRP, DOGE, HBAR, and PEPE saw the largest declines; among mid-cap coins, IMX had the most noticeable downward trend.
At the same time, the overall market capitalization has declined by about $80 billion from yesterday's peak and has currently fallen below $2.97 trillion.
Cryptocurrency market overview.
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