As an analyst with a background in cryptocurrency market analysis, I’ve seen my fair share of volatility in the digital asset space. The recent price movements of Bitcoin (BTC) and other major cryptocurrencies have been no exception.
As a crypto investor, I’ve noticed that Bitcoin‘s price took a downturn late on a Friday evening when it surpassed the $58,000 mark. Ever since then, it has stayed put at that level.
As an analyst, I’ve observed that the altcoin market has joined the cryptocurrency bulls lately. Notable gainers among the larger cap altcoins include XRP, ADA, DOT, BCH, and NEAR.
BTC Reclaims $58K
Last week came to an abrupt and turbulent close for the leading cryptocurrency as it plummeted from around $58,500 on July 5 to a bottom of under $54,000 – a level not seen in several months. However, bullish investors stepped in over the weekend, pushing BTC back up to its previous price of $58,500.
As a researcher studying the cryptocurrency market, I’ve observed yet another rollercoaster week, with significant price fluctuations around the $3,000 mark at the beginning. The bulls maintained their momentum throughout the week, pushing the cryptocurrency to briefly reach new heights above $59,000 on a few occasions. This latest surge in value came following the positive US Consumer Price Index (CPI) data released on Thursday.
Despite losing steam and falling under $57,000 on Thursday, Bitcoin experienced a shift in fortune by Friday, reaching and holding above $58,000.
As a researcher studying the cryptocurrency market, I’ve observed that the market capitalization of the leading digital asset has almost reached a staggering $1.150 trillion. However, its supremacy over the alternative coins (altcoins) has been challenged recently and has dropped to approximately 50.6% on CoinGecko.
XRP Steals the Show
The larger alternative cryptocurrencies, including Ethereum, Binance Coin, Solana, Dogecoin, Tron, and Avalanche, have all bounced back today with significant increases in value. Ethereum, for instance, has risen by over 2% and is now trading above $3,100. Binance Coin has experienced a 3% growth and is currently valued at more than $535. These cryptocurrencies have shown similar positive trends.
As a researcher, I’ve found some noteworthy price increases in the cryptocurrency market. Cardano, Shiba Inu, Polkadot, Bitcoin Cash, and NEAR Protocol have all shown significant growth with price hikes of 6.5%, 5.5%, 6.7%, 7.2%, and 7.5% respectively.
Today, XRP, Ripple‘s native token, stands out as the top performer with a 11% surge. The price tag for XRP now hovers above the $0.5 mark.
Similar gains from the mid-cap alts come from the likes of XLM, ICP, and MKR.
In simple terms, the overall value of all cryptocurrencies combined grew by an additional $50 billion within the past 24 hours, reaching a new height of over $2.26 trillion according to CoinMarketCap.
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2024-07-13 11:46