Cryptocurrency Pulls Back from Recent Gains as Investors Engage in Profit-Taking

In the wake of Bitcoin’s recent peak surpassing $72,000, profit-taking by crypto investors is evidenced after the digital currency’s record-breaking surge earlier in the week.

Currently, Bitcoin’s price stands at $67,704, representing a 4.7% decline within 24 hours and erasing its weekly gains.

Ethereum also experienced a price drop, falling below the $4,000 mark, with its latest trading price at $3,667, down by 5.4% in the past day.

Despite the market pullback, Bitcoin has experienced a stunning 30% increase over the past month, and ETH has ascended by 34% in the same period. With the crypto market capitalization hovering near record levels, some investors are opting to secure their profits.

While Ether has yet to surpass its historical high of $4,828, some market participants are anticipating the onset of an ‘altseason,’ characterized by more significant gains in smaller-cap tokens than in the larger cryptos.

Among those defying today’s general market downtrend is Solana, which has surged by 800% this past year. Today, Solana sustained its growth with a 7.9% rise, trading at $180 per token, and setting a new market cap high of over $80 billion as of March 14.

The day’s notable performers include Jupiter’s JUP token, currently trading at $1.07 following a 16% hike, and Pyth Network, which enjoyed a 7.2% increase today, trading at $0.9.

On the flip side, select memecoins have faced significant losses, with Dogwifhat’s WIF token plummeting after a community initiative raised $650,000 to feature the image on the Las Vegas Sphere; it now trades at $2.85.

Other substantial losses include Injective, which plummeted by 11%, now trading at $43.11, subsequent to its March 8 launch of an inEVM that’s compatible with Solana and Ethereum.