Bitcoin experienced a significant drop recently, falling from $59,600 to $56,300 before bouncing back. Despite this initial dip, the bulls were quick to react and prevent any further losses. The cryptocurrency then traded sideways around the $60,000 mark over the weekend. However, a retracement on the following Monday drove the price down to $58,000, only to see another quick surge to over $61,000 by Tuesday.
In line with Bitcoin’s rally, larger-cap altcoins such as LINK, UNI, MATIC, and others have also seen impressive gains. Ethereum (ETH) has approached $2,650 with a minor 2% increase, while XRP, SOL, AVAX, DOGE, and DOT have shown similar gains. BNB, ADA, SHIB, and BCH have seen even more significant increases of around 3-4%. Among the top performers, LINK has surged by 10%, UNI by 7.5%, and MATIC by 11%, causing Polygon’s native token to surpass $0.5.
The total crypto market cap has rebounded by over $50 billion since the previous day, reaching $2.250 trillion. Notable price performers outside the top 100 alts include FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%). Bitcoin’s market capitalization stands at just over $1.2 trillion, with its dominance over the altcoins slightly increasing to 53.6% on CG.
The recent surge in Bitcoin prices has been attributed to rumors surrounding RFK dropping out of the US election race, potentially favoring pro-crypto candidate Donald Trump. This speculation sparked renewed interest in the cryptocurrency, pushing it to peak at $61,800 before retracing to around $61,000. The market continues to be influenced by external factors and news events, leading to increased volatility and trading opportunities for investors.
Bitcoin’s unexpected rally to a weekly high of $62,000 has reignited optimism in the crypto market. The performance of larger-cap altcoins and the overall market recovery suggest a positive trend for the coming days. However, traders and investors should remain cautious as the market remains susceptible to sudden fluctuations and external influences. As always, thorough research and risk management are essential when navigating the volatile world of cryptocurrencies.