Bitcoin Recovers Losses and Approaches $28,000
Bitcoin experienced a slight dip in price over the past 24 hours but quickly recovered and is now heading towards the $28,000 mark. However, most alternative coins are once again facing losses, with Ethereum (ETH) falling below $1,600.
BTC Struggles to Challenge $28K
After failing to surpass the $28,000 level last week, Bitcoin dropped to $27,200 on Friday. However, the bulls quickly emerged and prevented further declines. The cryptocurrency started recovering its lost value and surged back above $28,000 on Saturday. It failed to decisively break through that level and remained just below it throughout Sunday and Monday. Last night, Bitcoin experienced more volatility as it briefly fell by a few hundred dollars before bouncing back to around $27,700.
Bitcoin’s market capitalization remains around $540 billion, but its dominance over altcoins has increased. It currently stands at over 50% on CoinMarketCap.
Altcoins Experience Declines
Alternative coins saw minor declines yesterday, but the situation worsened today. Ethereum is down by just over 1% and is trading just below $1,600. Other altcoins such as Ripple, Solana, Cardano, Dogecoin, Tron, Toncoin, Polygon, and Polkadot have retraced by up to 3% within a day. However, there are a few exceptions like ATOM and Tezos which have seen gains of 4.5% and 7%, respectively.
The total cryptocurrency market cap has decreased by a few billion dollars daily and now stands at $1.080 trillion.
Hot Take: Bitcoin Shows Resilience Despite Volatility
Bitcoin’s ability to quickly recover from price dips and approach the $28,000 mark demonstrates its resilience in the face of volatility. While alternative coins are experiencing losses, Bitcoin’s dominance in the market remains strong. With its market capitalization remaining steady and its dominance over altcoins increasing, Bitcoin continues to be the leading cryptocurrency.
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