Bitcoins Wild Ride: From $31K to $29.7K, Can It Hold $30K?

Jul 8, 2023 4:05 AM

altcoins, AVAX, Bitcoin, Crypto Market, Cryptocurrency

Bitcoin’s Volatile Week

Bitcoin had a volatile end of the week, reaching a new 13-month high before slipping below $30,000. However, it managed to defend that level.

Main Breakdowns:

The altcoins, except for a few like SOL, AVAX, LEO, and ARB, remained calmer on a daily scale.
The weekend was uneventful, with BTC staying just over $30,000.
On Tuesday, BTC pushed above $31,000 but was rejected.
On Thursday, the bulls drove bitcoin to $31,500, but it failed to hold and dropped to $29,700 by Friday.
Bitcoin bounced back and reclaimed the $30,000 level, where it has remained.

Bitcoin’s Market Capitalization and Dominance

Bitcoin’s market capitalization is still at $585 billion, and its dominance over alternative coins is nearly 50%.

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Hot Take:

Bitcoin’s volatility continues to keep investors on their toes. Despite its fluctuations, it remains a dominant force in the cryptocurrency market, with a market capitalization that rivals some of the largest companies in the world.