Over the weekend, Bitcoin’s price stabilized at just over $61,000 after a tumultuous week. The cryptocurrency experienced a significant drop from $66,000 to $49,500, its lowest in six months, before bouncing back to nearly $63,000. However, the rally was short-lived as Bitcoin retraced slightly, but it has managed to hold above $61,000 in the past 24 hours.
While Bitcoin remained steady, altcoins have seen some positive movement. Binance Coin (BNB) and Dogecoin (DOGE) emerged as the top performers among the larger caps, with DOGE surging by 5% to reach $0.11 and BNB climbing just over 4% to surpass $530. Other altcoins like Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Bitcoin Cash (BCH) also showed slight gains. Meanwhile, TON was the only larger-cap altcoin in the red.
In the mid-cap cohort, Aptos and FET stood out as the top performers, with gains of 7% and 9% respectively. Overall, the total crypto market cap added about $20 billion overnight, reaching $2.245 trillion on CG.
The cryptocurrency market has been marked by significant volatility in recent days, with Bitcoin’s price swings causing ripples across the entire market. While Bitcoin’s market capitalization has crossed $1.2 trillion, its dominance over altcoins has slipped slightly below 54%. This fluctuation indicates that investors are still wary of uncertainty and are reacting strongly to price movements.
As we enter a new week, it remains to be seen whether Bitcoin and altcoins will maintain their current levels or experience further fluctuations. The crypto market continues to be influenced by a myriad of factors, including regulatory developments, market sentiment, and macroeconomic trends. Investors should remain cautious and vigilant in navigating this ever-changing landscape.
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