The cryptocurrency market has once again experienced significant volatility following President Joe Biden’s decision to quit the 2024 presidential race. Bitcoin, the leading cryptocurrency, surged to a multi-week peak of over $68,000 in response to the news. The altcoins also experienced turbulence, with AVAX emerging as the top performer on a daily scale.
Bitcoin has been on a rollercoaster ride in the past few weeks, with price fluctuations ranging from $58,000 to $65,000. The failed assassination attempt against Donald Trump, a prominent proponent of cryptocurrencies, caused the price of Bitcoin to skyrocket before facing a significant drop. The bulls attempted to push the price back up to $66,000, only to see it slump to $63,500 shortly after.
President Joe Biden’s announcement to end his 2024 election campaign sent shockwaves through the market. Bitcoin initially dropped by $2,000 before surging to a six-week high of $68,400. Currently, Bitcoin is trading around $67,000, with a market cap of $1.330 trillion and dominance over the altcoins at 51.7%.
While most altcoins followed Bitcoin’s volatile ride, some have settled with minor gains or losses. Ethereum, TON, SHIB, and BCH are slightly in the red, while BNB, XRP, ADA, TRX, DOT, and LINK have made minor gains. Dogecoin and Solana have seen more significant increases, with both assets up by around 4-5%.
Avalanche’s native token, AVAX, has emerged as the top gainer in the cryptocurrency market, rising by 10.5% and now trading at $32. The total crypto market cap has maintained its gains from the weekend and is currently above $2.550 trillion.
The cryptocurrency market remains highly sensitive to external factors such as political announcements and global events. Investors should be prepared for continued volatility as the market reacts to changing circumstances.
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