Bitcoin (BTC) Plummets Below $30K, Will it Resurrect?

Bitcoin Solidifies its Position as Top Player in Crypto Market, Diminishing Interest in Alts
Source: Investing News Network

Bitcoin has put out an exceptional performance in the past few days. In comparison to other altcoins, BTC has had a prominent rise in value. The recent rally has helped the king of cryptocurrencies breach the $30,000 benchmark. However, the rally seems to have been a short-lived hype.

At press time, Bitcoin is trading at $29,462 with a 3% drop in value over the last 24 hours according to CoinMarketCap. BTC is down from its 24-hour high of $30,423 and its monthly high of $31,005.

Source: CoinMarketCap

Will Bitcoin make a comeback?

BTC had dropped to a low of $29,275 before pacing itself at its current price. The last week’s rally was triggered by the CPI data that was released. The encouraging data definitely triggered the price to go over $30,000. Analysts claim that macroeconomic factors and the first quarter earnings results are the primary reasons for the spike in price.

The same goes for the second-largest cryptocurrency, Ethereum (ETH). ETH touched a monthly high of $2,137 from a low of $1,690 before falling to its current price. ETH is trading at $2,076 with a 2.23% drop in value over the last 24 hours. Ethereum has also dropped after the recent price surge following the much-awaited Shapella upgrade.

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While it was speculated that the price of ETH could go into a tailspin after enabling the withdrawal of staked ETH, it didn’t happen likewise. This is primarily due to the fact that the majority of the staked ETH is standing at a loss. The possibility of stakers selling these ETH is also meager in that case.

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