After dropping below $63,500 in the middle of the week, Bitcoin has made a significant recovery today, surpassing $68,000. The performance of altcoins has been mixed; While most showed partial increases, XMR and MKR lost value. Analysts evaluate that “BTC reached the peak of the last 6 weeks, rising above $68,400 and exhibited a strong recovery.”
Over the past week, Bitcoin has remained resilient despite significant price fluctuations. Last Friday, the cryptocurrency quickly rose from $63,500 to $67,000. Over the weekend, geopolitical news such as President Joe Biden's remarks about his re-election campaign created additional volatility in the market. However, Bitcoin staged a strong recovery, rising to $68,400 earlier today.
Bitcoin's price movements are being watched carefully, especially considering recent regulatory updates. A weekly low of $63,400 seen on Thursday revived buying interest. On Friday, the bulls managed to push the price back above $68,000, indicating increased market confidence. This increase occurred simultaneously with the increase in trading volume on stock exchanges; This indicates that the interest of both institutional and individual investors in Bitcoin has increased again.
While Bitcoin's performance attracted attention, altcoins showed different performances. Ethereum managed to recover from $3,000 to $3,300 despite significant outflows from spot ETFs. Other notable altcoins such as Binance Coin (BNB), Cardano (ADA), Avalanche (AVAX), TRON (TRX), Shiba Inu (SHIB), and Chainlink (LINK) made modest gains.
Solana (SOL) and Dogecoin (DOGE) were among the best performing altcoins. SOL rose above monthly highs of $185, while DOGE gained 3.5%. Solana's impressive performance has been attributed to strong developer activity and growing interest in decentralized applications (dApps) on the blockchain. On the other hand, Dogecoin's gains can be attributed to renewed social media interest and potential use cases discovered by developers.
Total cryptocurrency market cap increased by $30 billion overnight to approximately $2.55 trillion. This increase was mainly due to Bitcoin's recovery and increased Bitcoin's market dominance to around 53%. This shift in dominance indicates a stronger preference for Bitcoin among investors in times of uncertainty.
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I EXPLAIN IN DETAIL.
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