As a seasoned researcher with a deep understanding of the cryptocurrency market, I’ve witnessed many ups and downs over the past few years. Last week was particularly eventful, with Bitcoin (BTC) showing remarkable resilience in the face of volatility. The sudden dip below $63,500 last Friday was a cause for concern, but the bulls came out strong, pushing the price back up to over $68,000 by Monday.
As a cryptocurrency analyst, I’ve observed that the primary digital currency responded positively to the mid-week price decline below $63,500 and surpassed $68,000 earlier today.
The majority of altcoins are experiencing modest gains today, with a few exceptions. XMR and MKR, however, have seen losses of approximately 3-4% each over the past 24 hours.
BTC Taps $68K
Last Friday proved to be a significant day for the largest digital asset as its value surged from around $63,500 to reach $67,000 within hours. The market witnessed further volatility over the weekend when President Joe Biden made an unexpected announcement that he would not seek re-election in the upcoming elections, despite his ongoing campaign.
Bitcoin experienced a significant decline of approximately $2,000 right away, but then showed resilience during Sunday evening and Monday, ultimately reaching a new high of over $68,400 within the past six weeks.
The bears seized the opportunity and prevented any additional advancements, resulting in a drop for the asset to a weekly low of $63,400 on Thursday. Contrarily, its momentum weakened significantly and plummeted sharply.
At that particular moment, the bulls emerged from the woods, leading to a significant price rise on Friday. This upward trend peaked today, with Bitcoin reaching over $68,000 yet again, despite increasing withdrawals from cryptocurrency exchanges.
Bitcoin’s value currently hovers around that mark but hasn’t managed to surpass it definitively. Yet, Bitcoin’s market capitalization has soared to an impressive $1.340 trillion. Furthermore, Bitcoin’s dominance over alternative cryptocurrencies is approaching 53%.
SOL Sees Monthly Peaks
Despite substantial withdrawals from Ethereum ETFs during their initial trading periods, Ethereum’s price has rebounded and is currently hovering around $3,300 – a notable improvement from its earlier dip below $3,000 this week.
The cryptocurrencies BNB, ADA, AVAX, TRX, SHIB, and LINK have experienced modest increases of around 1% to 3% each on a daily basis. On the other hand, Solana and Dogecoin have recorded more noteworthy growth: Solana by 5%, pushing its price above $185 for the first time in over two months, and Dogecoin with gains amounting to approximately $3.5%.
Among the top 36 digital assets, the most significant growth is seen in Aptos (APT), Kaspa (KAS), Render Network (RNDR), and Filecoin (FIL). On the other hand, Monero (XMR) and Maker (MKR) have experienced a decline of around 3-4%.
Approximately $30 billion has been added to the overall value of the cryptocurrency market in the past 24 hours, bringing it near the $2.55 trillion mark reported on CoinMarketCap.
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2024-07-27 12:32