XRP has slipped behind BNB in the rankings after recording a larger decline over the past day.
Bitcoin climbed to a multi week high close to seventy three thousand dollars before facing strong resistance and dropping by more than two thousand dollars.
Most altcoins have also given up a large portion of their recent gains. Ethereum has fallen below two thousand two hundred dollars, while Chainlink and Stellar have each declined by around five percent. In contrast, RAIN has moved higher by a similar margin.
Bitcoin Struggles to Hold Above Seventy Three Thousand
Bitcoin previously rose above seventy two thousand dollars on March twenty five but was followed by a sharp rejection. By the next Monday, the price had dropped to a monthly low near sixty five thousand dollars, followed by volatile trading between sixty six thousand and sixty nine thousand dollars throughout the week.
Market activity slowed over the weekend, possibly due to the Easter holiday in many Western countries. Even geopolitical developments and statements from Donald Trump had little effect, as Bitcoin remained stable around sixty seven thousand dollars.
Reports of a possible ceasefire on Monday pushed Bitcoin above seventy thousand dollars, though the momentum quickly faded and the price slipped to sixty eight thousand dollars on Tuesday as uncertainty remained.
The confirmation of a ceasefire between the two nations on Tuesday morning sparked a sharp rally, sending Bitcoin up to around seventy two thousand seven hundred dollars. After a brief pullback, it climbed again to about seventy two thousand eight hundred dollars following reports that Iran was considering accepting Bitcoin for transit payments through the Strait of Hormuz.
Soon after reaching this peak, Bitcoin dropped quickly to around seventy thousand four hundred dollars before recovering slightly to just above seventy one thousand dollars. Its market capitalization has declined to approximately one point four two trillion dollars, while its dominance over altcoins has risen to about fifty seven percent.
Altcoins Pull Back After Recent Gains
Altcoins largely followed Bitcoin’s upward movement earlier but have since turned lower. Ethereum approached two thousand three hundred dollars before retreating and now trades below two thousand two hundred dollars.
XRP and BNB remain in close competition for the fourth position by market capitalization, though BNB has taken the lead after experiencing a smaller decline.
Other large cap altcoins such as Chainlink, Cardano, Solana, Dogecoin, Stellar, and WLFI have recorded even steeper losses. Meanwhile, RAIN has stood out with a gain of more than five percent, trading around zero point zero zero eight dollars.
Overall, the total cryptocurrency market capitalization has dropped by roughly fifty billion dollars since yesterday’s peak, bringing it down to about two point five trillion dollars.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
