If you were waiting for the dip, your prayers were heard this morning. Bitcoin is down 5%, but that is nothing compared to the carnage that is happening among altcoins.
Bitcoin price is dropping sharply
In the graph below today’s Bitcoin price. Bitcoin had a fairly stable night, as if it was waiting for a nice, sunny morning. Instead, Bitcoin woke up too early and at 4:15 am the price crashed.
As the halving approaches in 2 to 3 weeks, a benchmark for tracking cryptocurrency volatility has soared in recent days.
Bitcoin’s annualized realized volatility peaked at 63.76% last week and remained above 60% by the end of the week, according to data from Glassnode. This is the highest level since August 2022.
Altcoins are also having a hard time
Pepe (PEPE) is a meme coin that went mainstream this year but is down 14.58%. The coin is based on the Pepe the Frog meme and, according to many, has no intrinsic value. PEPE’s decline may be due to the volatile nature of memecoins.
Storj is a decentralized cloud storage service whose coin has fallen by 13.62%. This may be due to competition from other decentralized cloud storage services, such as Filecoin (FIL).
Pyth Network is a platform that brings real-world data onto a blockchain network. The currency has fallen by 13.31%. This may be due to competition from other blockchain data platforms, such as Chainlink (LINK).
tomiNet (TOMI) has lost 13.05%. This blockchain project is aimed at developing a decentralized internet infrastructure.
Ankr is a platform that offers staking services for various blockchain networks. The currency has fallen by 12.94%.
Do you want to follow all the races? Then check the BLOX app on your phone or bookmark cryptocurrency prices.
