In the wake of recent market turbulence, suspicions of potential manipulation practices have arisen. Bitcoin, along with several alternative coins, experienced a sharp decline following a significant price surge.
Bitcoin’s Whirlwind Pump and Sudden Dump
Bitcoin had maintained a relatively stable trading pattern for several days, starting last Thursday, when its price rose to approximately $27,000. Throughout the weekend, it lingered around this level.
However, a shift occurred during the Asian trading session on Monday. Bulls seized control of the market, sparking a substantial upward movement. Bitcoin’s price surpassed $28,000, reaching a six-week peak of $28,600.
Regrettably, Bitcoin’s rally was short-lived, and it began to depreciate rapidly. Within half a day, the cryptocurrency lost over $1,000, dropping below $27,400 earlier today.
While it has since regained some value, Bitcoin remains down approximately 3% for the day. Its market capitalization has shrunk by over $15 billion, resting below $540 billion. Nevertheless, its dominance over the alternative coins remains significant at 49.4%.
Altcoin Volatility and PEPE’s Dramatic Decline
Altcoins in the Red Yesterday, most alternative coins enjoyed significant gains. However, as anticipated, the market dynamics have shifted, and red dominates the charts today. Ethereum has been one of the poorest performers, experiencing a nearly 5% decline and falling below $1,700 once again.
Binance Coin, Ripple, Dogecoin, Tron, Toncoin, Polkadot, and Litecoin have also experienced notable declines, while SOL, ADA, and BCH have recorded minor retracements.
Additional daily losses have been observed in tokens like Aptos and Optimism, possibly related to the anticipation of token unlocks later this month.
PEPE, among the top 100 alternative coins, has suffered the most significant loss, plummeting by 11% in a single day.
Overall, the total crypto market capitalization has retraced most of its gains from the previous day, dipping below $1.1 trillion once more. These market fluctuations raise questions about potential manipulation practices in the crypto space.