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28 March 2024
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Bitcoin Volatility Continues: LUNA Dips 13% (Market Watch)


Bitcoin’s volatility struck again with a few more price fluctuations, while LUNA has dumped with double-digits since yesterday.

Following another sub $36,000 dip, bitcoin bounced off and tapped $37,500 before it was rejected. Most altcoins are somewhat calm on a daily scale, except for a few notable price drops from Terra, ATOM, and NEAR Protocol.

Bitcoin Calm at $37K

Bitcoin’s price has been on a roller-coaster in the past week or so, ever since it started to dump from above $43,000. This culminated in a drop below $33,000 days ago, which became its lowest price tag since late July 2021.

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At that point, though, the asset reacted well and started to reclaim some of its lost ground. This resulted in a rapid price surge to $37,000 before the bulls initiated another leg up, in which the cryptocurrency touched $39,000.

After the Fed’s meeting in regards to its interest rates, though, BTC dumped once again by several thousand dollars to around $35,500. Another similar price decrease transpired in the past 24 hours before bitcoin shot up to $37,500.

The bears halted this leg up and pushed the asset down to its current position at around $36,500. As such, its market capitalization is still below $700 billion.

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BTCUSD. Source: TradingView

LUNA Dumps Double-Digits

Most alternative coins are untypically stable today with minor losses. Ethereum failed at overcoming $2,500, and the subsequent rejection drove it down to just under $2,400.

Cardano, Ripple, Solana, Dogecoin, and Avalanche are with similar daily price drops. In contrast, Binance Coin is up by 4% and stands above $380. Dogecoin, Shiba Inu, and MATIC have also seen minor gains.

Terra, however, is the most significant loser since yesterday. LUNA has dumped by 13% and is close to dropping below $50. More losses come from Convex Finance (-17%), NEAR Protocol (-9%), Gala (-9%), Cosmos (-8%), and Loopring (-8%).

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The crypto market cap has declined by around $30 billion since yesterday, meaning that it has remained well below $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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