The cryptocurrency market sees slight uptick as Bitcoin holds above $84k, while altcoins struggle amid uncertainty - IcoHolder.
The cryptocurrency market has seen a marginal uptick over the past 24 hours, even as several altcoins experienced sharp declines on April Fools' Day. The overall market cap is up by 0.50%, reaching $2.7 trillion, with Bitcoin (BTC) standing out among the few cryptocurrencies to register gains, rising just over 1% to surpass $84,000. Despite this, Bitcoin remains down by over 4% for the past week, while Ethereum (ETH) continues to struggle, holding just above $1,850 and failing to reclaim the $2,000 mark.
Ripple (XRP) has faced notable losses, slipping almost 1% to $2.08 as sellers attempt to push it below the $2 threshold. Other altcoins like Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have also seen declines, with Solana down almost 2%, trading at $124. Toncoin (TON) took the hardest hit, dropping nearly 4%. This downturn comes despite the fact that April is typically a strong month for cryptocurrencies.
The market's cautious mood is compounded by ongoing macroeconomic uncertainties, with key events like the ISM Services PMI, U.S. Non-Farm Payrolls (NFP) report, and Federal Reserve Chair Jerome Powell's speech expected to potentially fuel volatility. Riya Sehgal, a research analyst at Delta Exchange, highlighted that these developments could lead to fluctuating market conditions, urging traders to brace for periods of both contraction and expansion.
Amid these concerns, Bitcoin remains a resilient asset. To sustain its bullish trend, BTC must stay above $84,000, with a break above $85,000 opening the door for a potential rise to $90,000. Meanwhile, Ethereum, despite its marginal rise, remains trapped below $2,000, struggling with downward pressure.
Altcoins have been trading primarily in the red, with significant losses seen across the board. Analysts suggest the market remains in a "wait-and-see" mode, awaiting further clarity on external factors, such as the imminent tariff announcement by former President Donald Trump, which is expected to have far-reaching economic implications. Presto Research Analyst Min Jung emphasized that while some investors view the market dip as a potential "buy the dip" opportunity, many are staying on the sidelines.
In the United Kingdom, several trade bodies have urged the government to focus on cryptocurrency and blockchain technology. A coalition of UK digital economy organizations has called on Prime Minister Keir Starmer to appoint a special envoy for crypto and develop a strategic action plan to align the country with the U.S.'s crypto initiatives.
On the regulatory front, the U.S. Securities and Exchange Commission (SEC) and Gemini Trust are seeking a 60-day delay in their ongoing lawsuit regarding the Gemini Earn program. The motion was filed in the Southern District of New York, as both parties look to explore a potential resolution outside of court.
Overall, the crypto market remains volatile, with Bitcoin and Ethereum showing some signs of recovery, while altcoins continue to face downward pressure. Traders are keeping a close eye on upcoming events that could further shape the market's trajectory in the coming days.
