Bitcoin experienced heightened volatility towards the end of the business week, with a significant drop of $8,000. However, it has managed to recover some of the losses since then. The week started off with several price fluctuations as well, as Bitcoin first dropped to $67,000 before experiencing a massive surge that led to a new all-time high of around $73,000. Despite briefly surpassing this level on Tuesday, the bears stepped in and drove the price down to under $69,000 in a matter of hours.
The rollercoaster ride continued, as Bitcoin reached another all-time high of nearly $74,000 on Thursday, only to face rejection once again. This resulted in a sharp decline of approximately $8,000, bringing the price down to a weekly low of under $66,000. While there was a brief recovery that briefly pushed the price over $70,000, Bitcoin failed to sustain this level and is currently trading at just over $69,000.
Despite the volatility in Bitcoin’s price, several altcoins managed to bounce back from the Friday crash. AVAX, BNB, SOL, and APT emerged as the top performers of the day. Solana’s native token, SOL, stood out by not experiencing a significant drop and instead saw an 8% increase, trading above $190 – its highest price in over two years. AVAX also hit a multi-year high at $60 with a 12% surge, while BNB reclaimed $600 with a 5% increase. Aptos surged by 14% to $15, showing resilience in a market filled with fluctuations.
On the other hand, DOGE and SHIB experienced minor declines of just over 3%, while ETH remained relatively stable at slightly above $3,700. The total crypto market cap has seen a recovery of over $60 billion in a single day, now standing at over $2.760 trillion on CG. Bitcoin’s dominance over the altcoins currently sits at 49.2%, reflecting the ongoing battle between bulls and bears in the crypto market.
Overall, the past week’s price fluctuations have showcased the inherent volatility of the cryptocurrency market. While Bitcoin continues to be the bellwether of the industry, altcoins such as AVAX, BNB, SOL, and APT have shown resilience and potential for growth amidst the unpredictable price movements. Investors and traders should remain vigilant and adapt to the rapidly changing market conditions to navigate through the uncertainties in the cryptocurrency landscape.
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