In a surprising turn of events, the value of Bitcoin has dipped, retracting by approximately two thousand dollars after several days of steady increase and multi-week highs. This downturn has been mirrored by most altcoins, with the prominent exception of the TRUMP coin, which has seen a significant boost following the announcement that the top 220 holders will be invited to a special dinner with the US President.
Bitcoin’s past week was characterized by sluggish performance, with its value fluctuating within a narrow bracket of $83,000 and $86,000. Attempts to break out of this range were unsuccessful. The scenario was similar over the weekend, with minimal price movement. However, the trend shifted on Monday morning when Bitcoin finally surpassed the upper boundary, hitting a value over $87,000. After a minor correction, it continued its upward trajectory on Tuesday, crossing the $90,000 mark for the first time since early March.
Bitcoin’s upward streak persisted through Wednesday, with the cryptocurrency adding another four grand to its value, exceeding $94,000 – a new multi-week high. However, the rapid increase of almost ten grand over a few days and $20,000 since the low on April 7 and 9, led to a predictable correction. As of now, Bitcoin is trading around $92,000, having lost just over two grand since its recent peak. Its market cap has fallen back to $1.825 trillion on CG, but its dominance over other altcoins remains robust at over 61% on CG.
The highlight in the cryptocurrency space yesterday was the unexpected surge of the TRUMP coin. The official Trump (TRUMP) website announced that the top 220 holders of the meme coin would be granted the opportunity to dine with the President. This led to a rush of investors buying the coin, causing its price to soar. On a daily scale, TRUMP is up nearly 30%, although it reached even higher values yesterday. In contrast, most other altcoins, including XRP, DOGE, HBAR, and PEPE, have seen a decline today. The total crypto market cap has shed around $80 billion since yesterday, falling under $2.970 trillion.
