Bitcoin has once again proven its volatile nature as its price continues to soar in the past 24 hours. Breaking through the $48,000 mark, the cryptocurrency has reached a new monthly peak. However, this current success did not come without its fair share of ups and downs throughout the week. Let’s take a closer look at the rollercoaster ride BTC has taken us on in the past seven days.
At the start of the week, Bitcoin had just recovered from recent declines, settling at around $43,000. For the next few days, the cryptocurrency remained relatively stagnant, experiencing only minor price fluctuations. These small pumps and dumps did not give much hope for significant movement in the market.
However, things took an unexpected turn on Wednesday evening when Bitcoin finally broke free from its tight trading range. Surpassing $45,000, BTC showed signs of a potential upward trend. The excitement continued on Thursday morning, as it jumped to $46,000 and eventually soared past $47,000, briefly reaching $48,000. This surge in price even led to a new monthly high of $48,200.
While the price has since retraced and lost some of its gains, Bitcoin still remains 2% up for the day. Currently with a market capitalization of $930 billion, it continues to dominate the altcoins, standing tall at 52%.
It’s not just Bitcoin that has experienced positive movement. Many altcoins have also seen impressive gains in the past several days. Ethereum, for example, has added another 2% to its value and now trades just above $2,500. Solana has jumped to $110 with a 3.5% daily increase. Other altcoins like Binance Coin, Ripple, Tron, Dogecoin, Polkadot, Chainlink, and Polygon have also seen minor gains of around 1%.
Notably, Avalanche has seen the most substantial growth among the larger-cap altcoins. With an almost 9% increase, AVAX now trades close to $40. Mid-cap alts such as IMX (13%), KAS (7%), and TAO (9%) have also experienced notable gains.
A Growing Market
The total crypto market cap has continued to rise, adding another $30 billion overnight. It now hovers around $1.8 trillion on CMC, reflecting the overall positive sentiment in the market.
Bitcoin’s unpredictable nature is once again on full display. Within the span of a week, the cryptocurrency has gone through multiple fluctuations, presenting both opportunities and challenges for investors. The current upward trend provides optimism for the future, but it is critical to remain vigilant and keep a close eye on market movements.
As we move forward, it will be interesting to see how Bitcoin and altcoins continue to evolve and whether they can maintain this positive trajectory. Only time will tell.
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