Bitcoin saw a drop in price on Friday evening, reaching over $58,000 and remaining stable at that level. Other cryptocurrencies, known as altcoins, also experienced gains, with XRP, ADA, DOT, BCH, and NEAR leading the way among the larger caps.
Bitcoin had a rough end to the previous week, dropping from over $58,500 to below $54,000 on July 5. However, the bulls stepped in over the weekend and pushed the price back up to $58,500. The new week started with more volatility, with Bitcoin experiencing price fluctuations of around $3,000. Despite briefly surpassing $59,000 after positive US CPI numbers, the momentum did not last, and the price dropped below $57,000. On Friday, Bitcoin surged back up to just over $58,000.
While Bitcoin’s market capitalization is nearing $1.150 trillion, its dominance over other cryptocurrencies has decreased to 50.6% on CG.
XRP stood out as the biggest gainer of the day, with an 11% increase in price, trading above $0.5. Other altcoins also saw gains, including Ethereum, Binance Coin, Solana, Dogecoin, Tron, and Avalanche. Cardano, Shiba Inu, Polkadot, Bitcoin Cash, and NEAR Protocol also experienced significant price increases.
Mid-cap altcoins like XLM, ICP, and MKR also saw similar gains. The total cryptocurrency market cap increased by $50 billion overnight, reaching over $2.260 trillion on CG.
In addition to these developments in the cryptocurrency market, there are special offers available for new users on platforms like Binance and BYDFi Exchange. It is important for investors to conduct their own research before making any investment decisions and to use the provided information at their own risk.
Overall, the cryptocurrency market has seen a mix of ups and downs, with Bitcoin showing volatility but altcoins like XRP standing out with significant gains. Investors should stay informed and cautious in this rapidly changing market.