Bitcoin prices remained stable over the past 24 hours, with the asset continuing to trade around $119,000. At the same time, most altcoins saw significant price declines. Among the most affected were SUI, which fell by 6%, and PEPE, which also suffered a drop.
Bitcoin prices plunged sharply on Thursday and Friday due to a massive sale of 80,000 BTC by Galaxy Digital to a third party, which caused the asset to hit a two-week low of $114,500. However, after the transaction was completed, BTC began to recover and returned to its normal range around $117,000 over the weekend.
On Monday morning, buyers began to organize purchases, pushing Bitcoin prices up to near $120,000. However, the resistance level was rejected again, causing BTC to fall back to $117,500 a few hours later.
Bitcoin price has now recovered slightly and is back nearing $119,000, bringing the daily change to almost zero. However, expectations of increased volatility remain high ahead of the US Federal Reserve meeting that will decide whether to cut interest rates or keep them on hold for now.
Currently, BTC market cap remains at $2.365 trillion on CoinGecko (CG), while altcoin dominance has eased slightly but is still above 59%.
After posting gains in the past few days, most altcoins are now in decline. PEPE, AVAX, and SUI are among the biggest losers, while ENA led the way with a daily decline of 10%.
XRP, BNB, SOL, DOGE, ADA, LINK, and XLM are also in the red. ETH remains strong near $3,900 due to strong demand for the Ethereum ETF. Only a few altcoins like TRX and HYPE made gains today.
The total crypto market cap jumped to around $4.050 trillion yesterday on CG, but has since shed over $50 billion and is now just below the $4 trillion mark.
