Bitcoin experienced significant volatility on Friday evening and managed to maintain this level by rising above the $58,000 level. The altcoin market also made notable gains, with major cryptocurrencies such as XRP, ADA, DOT, BCH and NEAR. During this period, XRP became one of the prominent performers with an increase of 11%.
Bitcoin Rises Above $58K Amid Fluctuations
Bitcoin's market movements last week were quite turbulent. At the beginning of the week, the cryptocurrency fluctuated dramatically, falling from $58,500 to a multi-month low below $54,000. However, the bulls quickly took control at the end of the week, pushing BTC back to the $58,500 level. Then, despite some volatility, Bitcoin briefly surpassed the $59,000 level on positive US CPI data. As of Friday evening, Bitcoin continues to remain stable above $58,000.
Along with Bitcoin's recovery, the altcoin market also performed strongly. Ethereum gained more than 2% to move above $3,100, while Binance Coin traded above $535, up 3%. Additionally, other cryptocurrencies such as Solana, Dogecoin, Tron and Avalanche also recorded significant growth percentages. Cardano increased by 6.5%, Shiba Inu by 5.5%, Polkadot by 6.7%, Bitcoin Cash by 7.2% and NEAR Protocol by 7.5%.
Ripple's XRP stood out as the biggest winner among cryptocurrencies with large market caps. With an increase of 11%, XRP achieved significant success by rising above the $0.5 level. Mid-market altcoins Stellar (XLM), Internet Computer (ICP), and Maker (MKR) also achieved notable gains, contributing to the overall positive trend in the crypto market.
While Bitcoin's market value is approaching $1,150 trillion, its dominance over altcoins has decreased to 50.6%, according to CoinGecko. Total cryptocurrency market capitalization increased by $50 billion overnight, exceeding $2.260 trillion, indicating a significant capital inflow to the crypto space.
This week's market movements highlight the inherent volatility and dynamism in the cryptocurrency sector. Bitcoin's resistance above $58,000 and the strong performance of altcoins like XRP highlight the potential for rapid gains. It is of great importance for investors to act carefully and knowledgeably in this ever-changing environment.
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