BTC’s ups and downs
After some twists and turns, Bitcoin has returned to its upward trend. Previously, it briefly fell below $90,000 and even dropped to $87,000. However, in the past day, Bitcoin rebounded strongly, with the price rising by more than $4,000, soaring to above $91,000, and getting back on track.
This has been a big week for Bitcoin, which surged from $80,000 on Monday to nearly $94,000 on Wednesday, setting a new price peak. After this massive price rally, the market expected it to cool down and fall back. Sure enough, on Friday, the price of Bitcoin fell below $90,000, and the bears continued to exert their strength, causing it to fall further below $87,000. But unexpectedly, Bitcoin rebounded almost immediately and began to challenge the $90,000 price level at the close of Friday. By Saturday morning, Bitcoin successfully recovered the lost ground and rose further to the current price of over $91,000.
Judging from on-chain information, it seems that Bitcoin’s bull market is far from over. A clear sign is that the number of stablecoins entering exchanges continues to increase, while the amount of Bitcoin reserves on trading platforms is declining. This series of phenomena has provided strong support for the continuation of Bitcoin's bull market. As Bitcoin’s market capitalization exceeded $91,000, its market capitalization has regained the important bottom line of $1.8 trillion. Across the cryptocurrency market, Bitcoin’s dominance is increasingly evident, accounting for 57% of the Cryptocurrency Composite Index (CG).
Amazing gains for altcoins
While the price of Bitcoin fluctuates, the performance of many altcoins is even more remarkable. They have seen even more amazing price surges in the past day, with double-digit increases. Among them, cryptocurrencies such as XRP, ADA, PEPE, SUI, ICP, and XLM have performed particularly well.
Among these altcoins, XRP and ADA are the leading ones. In the past day, their prices have soared by more than 20%, becoming the focus of the entire altcoin surge. Other cryptocurrencies such as PEPE, NEAR, ICP, XLM, BONK, HBAR, KAS, WIF, MANTRA, etc. are not to be outdone, and have achieved double-digit price increases.
In contrast, some large-cap cryptocurrencies have seen relatively small gains. ETH, BNB, DOGE, and TON all saw price increases of about 3%, SOL rose 5%, and TRX rose 6%. However, the total market value of the entire cryptocurrency market has soared by more than $100 billion due to these gains, and the current total market value shown by the Cryptocurrency Composite Index (CG) is as high as $3.160 trillion. This series of price changes shows that the cryptocurrency market, driven by Bitcoin, is showing a lively scene, and both Bitcoin and altcoins are constantly attracting investors' attention.
The information provided in this article is for informational purposes only and does not constitute advice of any kind.
