Bitcoin’s Price Volatility Results in Dumping and Recovery
The price of Bitcoin experienced some significant fluctuations recently, leading to a drop to a two-month low before quickly recovering all losses within a few hours. This volatility also affected most altcoins, with many of them still in the red on a daily basis, including ETH, XRP, DOGE, LEON, and others.
BTC’s Dump and Pump
Bitcoin’s price had been relatively stagnant for about a week, trading in a narrow range just below $26,000. However, last Friday morning saw a brief surge to a multi-day high of $26,400, followed by a return to its previous trading level. Speculations about sell-offs from FTX prompted a change in the market landscape, resulting in BTC dropping to a two-month low of under $25,000. Despite this, the cryptocurrency quickly rebounded and is currently approaching $26,000 again. The market cap has surpassed $500 billion, and Bitcoin’s dominance over altcoins has risen to 49%. The heightened volatility has led to a significant increase in liquidations, reaching nearly $200 million on a daily basis.
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