Bitcoin Leads Altcoins, Maintains Major Support



Investors were on edge this week as Bitcoin prices fluctuated. After falling sharply within hours, the cryptocurrency recovered strongly.

Bitcoin fell from $66,000 to $49,800 on Monday, then rose to $62,300 Wednesday. Bitcoin stabilized around $60,000 at week's conclusion. Bitcoin has beaten other altcoins amid this volatility, confirming its cryptocurrency market supremacy.

Bitcoin Gains Market Share

Santiment, an on-chain analytics tool, reported the most volatile crypto week since the FTX crash two years ago. Many cryptocurrencies plummeted, wiping away bullish gains over the preceding month.

Ethereum, the largest cryptocurrency, fell below $2,300 for the first time in six months. While several altcoins failed to recover from the market collapse, Bitcoin maintained its market share and gained momentum, strengthening its position as the top cryptocurrency.

Three days after falling below $50,000, Bitcoin recovered over $60,000 thanks to positive momentum.

Bitcoin is now trading at $61,300 with a market valuation of $1.2 trillion, up 1% in 24 hours. Bitcoin has 56.2% of the crypto market. According to CoinMarketCap, Bitcoin's market dominance is at its greatest since the 2021 bull market apex.

Altcoin Overview

Many cryptocurrencies have recovered from last week's losses, but Bitcoin has rebounded more. A major exception is XRP. XRP is leading altcoin advances after a recent verdict on the Ripple-US SEC dispute.

This legal development boosted XRP to $0.6372 on August 7. XRP has already corrected to $0.5923, yet it has gained 7.78% in the previous week.

After Binance listed Toncoin (TON), it gained over the weekend. This big incident raised TON's price by 13% in 24 hours. Toncoin is now trading at $6.62, up 10.9% in a week.