Bitcoin’s price has shown significant reaction after President Joe Biden’s decision to quit the 2024 presidential race, pumping to a multi-week peak of over $68,000. This surge comes after a series of wild price fluctuations in recent weeks. The cryptocurrency skyrocketed from $58,000 to $65,000 in the wake of the failed assassination attempt against Donald Trump, the so-called crypto candidate for the US presidential post.
Following this initial surge, Bitcoin’s price experienced a steep drop of three thousand dollars last Tuesday, only to rise once more to $66,000 before falling back to $63,500 on Friday. Another surge followed on Friday evening and Saturday morning, driving the cryptocurrency to around $67,000. However, news of Joe Biden ending his 2024 election campaign on Sunday caused Bitcoin to drop by $2,000 initially before jumping to a six-week high of $68,400.
Altcoin Performance
While most altcoins mirrored Bitcoin’s volatility in the past night, they have since settled. Altcoins like ETH, TON, SHIB, and BCH are slightly in the red, while others like BNB, XRP, ADA, TRX, DOT, and LINK have made minor gains. Notable increases have been seen in assets like Dogecoin and Solana, with both experiencing a 4-5% increase in value.
Avalanche’s native token, AVAX, has emerged as the top performer today, rising by 10.5% to trade at $32. This surge comes amidst a total crypto market cap that has maintained its weekend gains, currently sitting above $2.550 trillion. AVAX’s performance highlights the continued volatility and unpredictable nature of the cryptocurrency market.
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