1 year ago
Bitcoin stalls at $65k as altcoins experience losses
Bitcoin Stalls as Altcoins Face Losses
As Bitcoin's recent surge stalled just below $66,000, popular altcoins experienced significant reversals. JasmyCoin, Daddy Tate, and Reef were among the cryptocurrencies that saw notable declines from their recent highs.
- JasmyCoin dropped 8% to $0.02326
- Daddy Tate fell to an intraday low of $0.1147
- Reef declined to $0.0052
- Moo Deng and LandWolf also saw double-digit percentage drops
The total cryptocurrency market cap retreated by almost 2% to $2.4 trillion. Santiment warned that Bitcoin might struggle to reach its all-time high due to excessive bullish sentiment on social media, which historically correlates with opposite market movements.
Markets historically move in the opposite direction of crowd expectations.
Profit-taking after recent rallies and large token transfers to exchanges, particularly for Jasmy, contributed to the altcoin declines. Despite the setback, cryptocurrencies remain among the best-performing assets this month, with Bitcoin up over 20% from its monthly low.
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