As a seasoned researcher with years of experience following the cryptocurrency market, I’ve witnessed countless price fluctuations and market reactions to various events. The recent volatility in Bitcoin (BTC) and altcoins has been particularly noteworthy.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin‘s price responded favorably following President Joe Biden’s announcement of his withdrawal from the 2024 presidential race. Consequently, its value surged to a peak above $68,000 within the past few weeks.
After the announcement, the prices of alternative cryptocurrencies fluctuated significantly. Among them, Avalanche (AVAX) stood out as the best-performing altcoin on a daily basis.
BTC’s Wild Weekend Ride
As a researcher studying the cryptocurrency market, I’ve observed significant price fluctuations over the past few weeks. In the last ten days alone, the primary cryptocurrency surged from $58,000 to an astonishing $65,000 following the failed assassination attempt against a notable figure associated with the crypto community – former US President Donald Trump. However, three grand were shaved off its value just three days ago.
On Friday, the bulls made another aggressive move, reaching a peak of $66,000 for Bitcoin, but were halted in their tracks. Consequently, Bitcoin retreated and dipped down to $63,500 within hours.
An additional wave of increase occurred on Friday night and early Saturday morning, pushing the value of cryptocurrencies up to approximately $67,000. The conclusion of Joe Biden’s 2024 presidential campaign on Sunday triggered further market instability.
As a crypto investor, I’ve witnessed firsthand how swiftly the market can react to new information. Recently, the announcement caused Bitcoin to plummet by $2,000 almost instantly on my trading platform, before rebounding and climbing up to touch a six-week peak of $68,400 (on Bitstamp).
Currently, the value of the asset is trading approximately $1 trillion less than it was previously, bringing its total market capitalization to an estimated $1.33 trillion. The asset’s supremacy over alternative cryptocurrencies has grown to 51.7% on CoinGecko.
AVAX Runs Free
The volatility of last night affected most altcoins similarly to Bitcoin. However, they have since stabilized. Ethereum, TON, Shiba Inu, and Bitcoin Cash are currently experiencing small decreases in value, while Binance Coin, Ripple, Cardano, Tron, Polkadot, and Chainlink are reporting modest increases.
In the last 24 hours, Dogecoin and Solana have experienced notable gains. The value of Dogecoin has risen by approximately 4-5%, bringing it close to $0.14. Similarly, Solana has seen a surge of around 4-5% and is now hovering near the $180 mark.
Despite the fact that other cryptocurrencies have remained relatively stable, Avalanche’s native token, AVAX, has experienced significant growth today. The price of AVAX has increased by 10.5% and is currently trading at $32.
The total crypto market cap has maintained the weekend gains and is above $2.550 trillion now.
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2024-07-22 11:36