In the past week, Bitcoin experienced a rollercoaster of price movements. After a significant dip from $59,600 to $56,300, the bulls managed to prevent further breakdowns and pushed the price back up. Bitcoin then traded sideways around $60,000 over the weekend until Monday brought another retracement to $58,000. However, the cryptocurrency quickly bounced back and soared to over $61,000 on Tuesday. This pattern repeated itself on Wednesday as well, with Bitcoin dropping below $59,000 before shooting up late at night to a weekly high of $61,800. The market cap of Bitcoin now exceeds $1.2 trillion, with dominance over altcoins at 53.6%.
Altcoins in Green
Following Bitcoin’s surge, most altcoins have turned green today. Ethereum saw a minor 2% increase, bringing its price close to $2,650. Other altcoins such as XRP, SOL, AVAX, DOGE, and DOT also experienced similar gains. BNB, ADA, SHIB, and BCH saw more significant increases ranging from 3-4%. The top daily gainers include LINK (10%), UNI (7.5%), and MATIC (11%), with Polygon’s native token surpassing $0.5. Among the top 100 altcoins, notable performers include FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%). The total crypto market cap has recovered over $50 billion since yesterday, reaching $2.250 trillion.
Market Speculation
The recent surge in Bitcoin’s price to a weekly high of nearly $62,000 has sparked speculation in the market. Rumors of RFK dropping out of the US election race, potentially favoring pro-crypto candidate Donald Trump, have been circulating. This news, combined with the bullish momentum in the market, has driven prices up for both Bitcoin and altcoins. The overall sentiment in the cryptocurrency space appears to be positive, with investors and traders eyeing further price increases in the coming days.
Overall, the cryptocurrency market has shown resilience in the face of recent price fluctuations. Bitcoin’s surge to a weekly high has set a bullish tone for the market, with altcoins following suit. Despite the volatility and uncertainty, both Bitcoin and altcoins have shown impressive gains, signaling continued optimism among investors and traders.