Bitcoin’s price experienced a positive reaction following President Joe Biden’s announcement that he would not be running for re-election in 2024. The cryptocurrency surged to a multi-week peak of over $68,000, showcasing its volatility in response to political news.
In recent weeks, Bitcoin has undergone significant price fluctuations. From $58,000 to $65,000 after an assassination attempt against the so-called crypto candidate Donald Trump to a subsequent drop of $3,000 last Tuesday, the digital asset has been on a rollercoaster ride. Bulls attempted to push the price to $66,000, only to see it plummet back to $63,500 in a matter of hours.
President Joe Biden’s decision to end his 2024 election campaign sent shockwaves through the market once again. Bitcoin initially dropped by $2,000 in response to the news before quickly rebounding and reaching a six-week high of $68,400. However, the price has since settled slightly lower, with the market cap standing at $1.330 trillion and Bitcoin dominance at 51.7% on CoinGecko.
Altcoin Performance
While most altcoins followed Bitcoin’s volatile trajectory, some have shown resilience. Ethereum, TON, SHIB, and BCH are slightly in the red, while BNB, XRP, ADA, TRX, DOT, and LINK have recorded minor gains. Notably, Dogecoin and Solana have seen more significant increases, with both assets rising by approximately 4-5%. DOGE is approaching $0.14, while SOL is nearing $180.
Among the altcoins, Avalanche’s native token AVAX has emerged as the top gainer. With a 10.5% increase, AVAX is now trading at $32, showcasing strong performance amidst market fluctuations. The total cryptocurrency market cap has also seen gains over the weekend, surpassing $2.550 trillion.
Bitcoin’s price remains highly sensitive to political developments, as evidenced by the recent fluctuations following President Biden’s announcement. The volatility in the cryptocurrency market underscores the need for investors to stay informed and adapt to changing circumstances.