Bitcoin experienced a lot of ups and downs recently, dropping from almost $67,000 to $62,200 before bouncing back by over $3,000. This volatility affected other cryptocurrencies as well, with XRP, KAS, DOGE, SOL, and TON all seeing declines.
The week started strong for Bitcoin, reaching $70,000 for the first time in seven weeks after a volatile weekend that included a speech by Donald Trump at the 2024 Bitcoin Conference. However, the momentum didn’t last, and the price dropped to $66,000 by Wednesday. Despite briefly reaching $67,000 on Thursday, the bears took control, causing the price to drop to $62,200, the lowest since July 15. The price then spiked to $65,600 before dropping back to just over $64,000.
XRP, Ripple’s native token, also saw a decline after reaching a multi-month high of $0.66, dropping by 14% and 6% in the past 24 hours. Other large-cap altcoins like SOL, DOGE, TON, BCH, LINK, and SHIB also experienced losses of 3-5% in the same period.
Overall, the total cryptocurrency market cap decreased by about $50 billion, falling to just under $2.4 trillion. Despite the market fluctuations, Bitcoin’s market cap remained above $1.270 trillion, with its dominance over other cryptocurrencies at 52.9%.
It’s important to note that cryptocurrency markets are highly volatile, and prices can change rapidly. Investors are advised to do their own research before making any investment decisions.