Bitcoin Holds Strong at $26K
Bitcoin experienced a brief dip below $26,000 but quickly recovered after news of MicroStrategy’s recent purchase of BTC. Despite this, most altcoins are showing minor gains today, with XRP reaching $0.5 following a 2% increase.
Bitcoin’s Volatile Week
Last week was mostly favorable for Bitcoin bulls as the asset reached a 20-day high of $27,500. However, it started losing value rapidly towards the end of the week, particularly after the US Fed’s latest FOMC meeting. This resulted in a price drop to $26,400. Over the weekend, Bitcoin remained relatively stable around $26,600. On Monday, bears took control and pushed the cryptocurrency to a 12-day low just under $26,000.
However, MicroStrategy’s announcement of its latest BTC accumulation worth almost $150 million caused Bitcoin to react positively and experience a significant price jump.
MKR Shines Among Altcoins
While most altcoins saw minor losses yesterday, today presents a different picture. Ethereum, Cardano, Binance Coin, Dogecoin, Tron, Polygon, and LEO are all experiencing modest gains. Ripple has gained 2% and reached $0.5. Other gainers include Bitcoin Cash (3.6%) and Chainlink (3%). The standout performer among the top 100 is MakerDAO’s native token MKR, which has increased by over 5% and is currently valued close to $1,350.
Total Crypto Market Cap Stays Steady
The total crypto market cap remains relatively stable at around $1.050 trillion.
Hot Take: Bitcoin Defends $26K Following MicroStrategy’s Latest BTC Purchase
Bitcoin briefly dropped below $26,000 but quickly bounced back after MicroStrategy announced its significant BTC accumulation. While altcoins are experiencing minor gains, Bitcoin remains above the $26,000 mark and has reclaimed a market cap of over $510 billion.
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