Bitcoin Bounces Back Despite Recent Volatility
Bitcoin experienced a rollercoaster ride in recent weeks, with its price hitting a multi-week peak of $66,000 before facing a sharp downturn. Despite the market turbulence, the world’s leading cryptocurrency managed to recover from a negative start earlier this month when it fell to under $54,000 on July 5.
- Bitcoin quickly bounced back and surged to $58,000, maintaining that level for about a week.
- Following the failed assassination attempt on a pro-crypto US presidential candidate, the price skyrocketed to $63,000, and eventually peaked at $66,000.
- Despite the gains, Bitcoin’s price has since retracted, currently sitting just below $65,000.
- The cryptocurrency’s market cap has also decreased to $1.280 trillion, with dominance over altcoins remaining above 51%.
Altcoins Suffering Losses
While Bitcoin has shown resilience, many altcoins are facing significant losses in the current market conditions. Some notable losers include XRP, SHIB, and XLM, with SHIB and XRP experiencing the most substantial retracements.
- XRP, which had been performing well recently, saw a 6% daily retracement, dropping to $0.57.
- SHIB, the second-largest meme coin, suffered an 8.3% decline, trading at $0.000017.
- Other major altcoins like ETH, DOGE, AVAX, DOT, LINK, and UNI are also in the red, contributing to the overall market decline.
Total Cryptocurrency Market Cap Takes a Hit
In addition to individual asset losses, the total cryptocurrency market cap has also seen a significant drop. After reaching a multi-week peak, the market cap decreased by $40 billion to $2.490 trillion, reflecting the broader decline across the entire crypto space.
Hot Take: Crypto Markets Navigate Volatility
Despite recent price fluctuations and market downturns, the cryptocurrency market continues to navigate through volatility. While Bitcoin shows signs of resilience, altcoins are experiencing significant fluctuations, impacting the overall market cap.
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