Bitcoin’s price has been on a bit of a downswing lately, dropping to $62,300 yesterday. However, it has bounced back quite a bit since then, gaining almost $2,000.
Today, the prices of altcoins are looking positive, with Ethereum rising above $3,300 and SOL climbing back to the $140 mark.
Bitcoin Faces Volatility After Fourth Halving
In the aftermath of its fourth halving just over a week ago, Bitcoin witnessed significant volatility as block rewards for miners were cut in half. During this time, the asset’s price fluctuated amidst escalating tensions between Iran and Israel.
Price Swings and Recovery: Following a sharp decline to below $59,500, the cryptocurrency experienced a rapid recovery, surging by over $5,000 to surpass $65,000 last weekend. Momentum continued into the early days of the business week, with Bitcoin spiking above $67,000 on multiple occasions.
Bearish Reversal: However, the bullish momentum was short-lived, and bears swiftly reversed its trajectory. Wednesday saw a notable downturn as Bitcoin dropped to $62,800. Although it briefly rebounded to $65,000 on Thursday, it again faced downward pressure, falling to $62,400 by Saturday.
Bitcoin PriceChart. Source: TradingView
Current Status and Market Overview: Despite the volatility, bulls have intervened to stabilize Bitcoin’s price, which now hovers around $64,000. Its market capitalization has approached $1.260 trillion, although its dominance over altcoins has decreased to 50.1%.
BTC Dominance Declines as Altcoins Outperform
Ethereum Leads Altcoin Surge: The decreasing dominance of Bitcoin indicates that most altcoins have surpassed the performance of the largest cryptocurrency. Ethereum exemplifies this trend, with the largest altcoin recording a gain of over 6% in the past 24 hours, trading above $3,300. Similarly, Solana and Toncoin have seen significant gains, reaching $143 and $5.5, respectively.
Across-the-Board Increases: Several other altcoins have also experienced daily increases in value, including MATIC, NEAR, ICP, ETC, ARB, IMX, and MKR.
Cryptocurrency Market Overview. Source: QuantifyCrypto
Market Cap Rebounds: After experiencing a decline of over $150 billion within a few days by Saturday, the total cryptocurrency market capitalization has now surpassed $2.5 trillion. Overnight, it gained $60 billion, indicating a swift rebound in market sentiment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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