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Ongoing Crypto Consolidation: Bitcoin (BTC) Fails to Break the $95K Barrier
The crypto market has continued its recent trend of consolidation, with Bitcoin’s price failing to break through the highly anticipated $95,000 barrier. Despite this setback, investors remain optimistic about the long-term prospects for a major breakout.
As reported by Crypto Economy, Bitcoin’s market dominance remains strong at 61%, cementing its position as the benchmark asset in the crypto space. The total market capitalization has dipped slightly to $3.065 trillion, a marginal decline considering recent price volatility.
Historically, such sideways movements in BTC have often preceded major rallies. In light of this, investors are closely monitoring Bitcoin’s behavior, aware that this period of stagnation could be the precursor to a significant upward movement.
Meanwhile, altcoins have experienced moderate downturns, with Ethereum (ETH) plummeting 0.96% to $1,809.41 and XRP sliding 2.39% to $2.23. Dogecoin (DOGE), Cardano (ADA), and Tron (TRX) also reported losses ranging from 0.90% to 1.80%.
While altcoins have shown resilience in the face of this downturn, Solana (SOL) has maintained its stability at $147.62 (-0.44%) and BNB held strong around $601.46 (-0.34%), indicating that selling pressure remains under control.
The recent behavior of Bitcoin whales, who have begun to cautiously re-enter the market by steadily accumulating, may signal a potential revival in the market. Additionally, Ledger Live’s introduction of yields up to 9.9% for stablecoins could contribute to the stabilization of the crypto economy.
In other news, ProShares has denied rumors about an XRP ETF listing on April 30, stating that it only evaluates futures-based products. Meanwhile, Cardano’s founder Charles Hoskinson responded to criticism by highlighting his project’s achievements beyond market price, showcasing the sustained growth of its ecosystem.
South Korea’s People Power Party has also announced plans to boost spot crypto ETF trading this year, aiming to attract voters ahead of the presidential elections.
As we navigate this prolonged period of consolidation, it is essential for investors to remain patient and focused on the long-term prospects of the market.
Source: https://crypto-economy.com/ongoing-crypto-consolidation-bitcoin-btc-fails-to-break-the-95k-barrier/
