Ripple, Shiba Inu Retrace Hard as Bitcoin Loses $65K Level (Market Watch)

5 months ago 4

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Bitcoin’s price hit a multi-week peak at $66,000 yesterday, but the bears were quick to intercept the move and pushed the asset south by over a grand.

The altcoins are also in the red today, with SHIB, XRP, and XLM popping out as the biggest losers on a daily scale.

BTC Can’t Go Above $66K

After the negative start of the month, when BTC fell hard to under $54,000 on July 5, the cryptocurrency began its recovery rather immediately and jumped back to $58,000, where it stood for about a week.

The landscape changed last weekend after the failed assassination attempt against the pro-crypto US presidential candidate, Donald Trump. Bitcoin soared by a few grand immediately and even more – to $63,000 – on Monday.

The bulls kept the pressure on and pushed BTC to a multi-week peak of $66,000 amid the growing ETF inflows, which was registered yesterday morning. However, the asset’s gains were halted at this point, and it started to lose some traction.

As of now, the cryptocurrency stands more than a grand away from its local top at just under $65,000. Its market cap has slid to $1.280 trillion, while its dominance over the alts is well above 51% on CG.

Bitcoin/Price/Chart 18.07.2024. Source: TradingView

XRP, SHIB Retrace Hard

Most altcoins were pumping in the past few days, but the trend has changed now. Ripple’s native token was among the top performers lately, but a 6% daily retracement has stopped its run and pushed it back down to $0.57.

Shiba Inu is the other massive loser from the larger-cap alts. The second-largest meme coin is down by 8.3% and trades at $0.000017. ETH, DOGE, AVAX, DOT, LINK, and UNI are also in the red from this cohort of altcoins.

The total cryptocurrency market cap, which has charted a multi-week peak of its own yesterday, is down by $40 billion to $2.490 trillion on CG.