Bitcoin experienced a significant drop recently, falling from $59,600 to $56,300. However, the bulls quickly intervened and prevented further downward momentum. The cryptocurrency then entered a period of consolidation, hovering around $60,000 over the weekend. This stability was short-lived, as bitcoin underwent another retracement, dropping to $58,000 at the start of the week. Despite this setback, bitcoin quickly rebounded, surging past $61,000 on Tuesday.
Following bitcoin’s lead, other major altcoins saw impressive gains. Altcoins such as LINK, UNI, MATIC, and others experienced significant price increases. Ethereum (ETH) approached $2,650 with a minor 2% increase, while XRP, SOL, AVAX, DOGE, and DOT also recorded gains. BNB, ADA, SHIB, and BCH posted even more substantial increases of 3-4%. Some of the top gainers included LINK (10%), UNI (7.5%), and MATIC (11%), with Polygon’s native token surpassing $0.5.
Among the top 100 altcoins, FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%) stood out as some of the most notable performers. The overall crypto market cap has recovered by over $50 billion since the previous day, reaching $2.250 trillion.
Bitcoin’s recent surge to a weekly high of $62,000 coincided with market speculation surrounding the US election race. Rumors that RFK may drop out of the race, potentially favoring pro-crypto candidate Donald Trump, sparked further bullish sentiment. These rumors likely contributed to bitcoin’s peak at $61,800 before retracing slightly to around $61,000.
The cryptocurrency market remains highly volatile, with rapid price fluctuations and sudden shifts in investor sentiment. While bitcoin’s recent surge is a positive sign for investors, it is essential to maintain caution and monitor market developments closely. As the total crypto market cap continues to rise, investors should remain vigilant and adapt to changing market conditions.
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