Over the weekend, Bitcoin’s price movements have calmed, with the asset stabilizing at just over $61,000.
Altcoins are generally performing well, with BNB and DOGE standing out as the top performers among larger-cap cryptocurrencies.
Bitcoin’s Volatile Week: From $57K Low to $63K Surge
Last weekend, Bitcoin was under bearish pressure, dropping from $66,000 on Friday to $57,000 by Sunday evening. The situation worsened on Monday, with the price plunging to $49,500, marking Bitcoin’s lowest point in about six months.
However, Bitcoin began to recover in the following days, surging to nearly $63,000 by Friday morning, regaining over $13,000 in value within a week. Despite this impressive rebound, Bitcoin couldn’t maintain the momentum and retraced by a few thousand dollars.
The market has been unstable since then, but Bitcoin has stayed above $61,000 in the past 24 hours. Its market capitalization has risen above $1.2 trillion, though its dominance over altcoins has slightly declined to just under 54% following a recent multi-year milestone.
Bitcoin/Price/Chart 11.08.2024. Source: TradingView
Altcoins Make Gains: DOGE Leads with 5% Surge
In the past 24 hours, most altcoins have seen gains, with the largest meme coin, DOGE, leading the way. DOGE has increased by 5%, reaching $0.11 for the first time in days. Binance Coin (BNB) has also performed well, rising by just over 4% to sit above $530.
Other major altcoins like ETH, SOL, XRP, ADA, AVAX, SHIB, and BCH are showing slight gains, while TON is one of the few larger-cap coins in the red.
Among mid-cap cryptocurrencies, Aptos and Fetch.ai (FET) are the top performers, with gains of 7% and 9%, respectively.
Overall, the total cryptocurrency market cap has added about $20 billion overnight, reaching $2.245 trillion on CoinGecko.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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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