Many altcoins have again seen gains of around 4-5% over the past 24 hours.
Bitcoin went on a wild roller-coaster ride yesterday, surging to a multi-month high of $68,000 before falling thousands of dollars and settling around $67,000.
Litecoin and Dogecoin have been the best performers among the broader altcoin market today, both up around 6%.
BTC’s peak, pullback, and calm
Just last Thursday, things were pretty grim for the cryptocurrency market as BTC plunged to a monthly low below $59,000. However, bulls managed to stop the move and helped the asset recover almost all of its losses over the weekend.
As a result, Bitcoin was trading around $63,000 on Saturday and Sunday, but launched a fierce offensive on Monday and Tuesday. Yesterday, the price of Bitcoin surged to $68,000, resulting in more than $250 million in liquidations.
However, the asset failed to sustain gains initially, falling by around $3,000 in a matter of minutes. Nevertheless, bulls have once again prevailed, with BTC currently trading above $67,000, up 2% in the past 24 hours.
The rally, likely driven by growing demand for spot ETFs, pushed Bitcoin’s market cap to nearly $1.330 trillion. Bitcoin’s dominance relative to other cryptocurrencies also surged to 55%, according to CG data.
Bitcoin/Price/Chart October 16, 2024. Source: TradingView
DOGE, LTC rise
Most altcoins posted impressive gains yesterday, and also experienced a roller coaster ride for BTC. However, looking at the 24-hour chart, the situation is much calmer.
Ethereum, Binance Coin, Solana, Ripple, and Tron all saw small gains or even slight losses. However, DOGE has risen by more than 6% in the same time frame and is currently trading at over $0.124.
Litecoin has seen the same daily gains, with LTC currently trading at over $70. However, the total cryptocurrency market capitalization has risen by about $30 billion since yesterday, and $130 billion in the past two days alone. This indicator on CG now exceeds $2.4 trillion.