Bitcoin’s price hit a multi-week high of $66,000 yesterday, but bears quickly took over the move and pushed the asset down more than $1,000.
Altcoins are also in the red today, with SHIB, XRP and XLM the biggest daily losers.
BTC can’t rise above $66 thousand
After a negative start to the month, when the BTC rate fell sharply below $54,000 on July 5, the cryptocurrency began to recover quite quickly and jumped to $58,000, where it remained for about a week.
That changed last weekend after a failed assassination attempt on cryptocurrency-backed US presidential candidate Donald Trump. Bitcoin immediately shot up by thousands and then even higher, to $63,000, on Monday.
The bulls continued to apply pressure and pushed BTC to a multi-week peak of $66,000 amid growing ETF inflows that were recorded yesterday morning. However, the asset’s gains were halted there and it began to lose some traction.
The cryptocurrency is currently over a thousand dollars away from its local high, just below $65,000. Its market cap has fallen to $1.280 trillion, while its dominance over alts is well over 51%, according to CG.
XRP, SHIB Rollback is hard
Most altcoins have been pumping in the last few days, but the trend has now reversed. Ripple’s native token has been among the leaders of late, but a 6% daily pullback has halted its gains and sent it back to $0.57.
Shiba Inu is another big loser among the larger-cap altcoins. 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 among this cohort of altcoins.
The total cryptocurrency market capitalization, which hit a multi-week peak yesterday, fell by $40 billion to $2.490 trillion, according to CG.
