Bitcoin experienced a significant drop recently but has since made an impressive recovery. After falling from $59,600 to $56,300, the cryptocurrency managed to rally and reach a weekly high of just under $62,000. This surge in price was accompanied by notable gains in other major altcoins such as TRX and TON, as well as LINK, UNI, MATIC, and others.
The past week has been marked by a series of ups and downs for Bitcoin. Following the initial drop, the cryptocurrency spent the weekend trading sideways at around $60,000. However, it faced another retracement at the beginning of the new business week, dropping to $58,000 before quickly rebounding to over $61,000. This cycle repeated itself several times, with Bitcoin hitting a peak of $61,800 before settling around $61,000.
While Bitcoin has been making headlines with its recovery, altcoins have also shown strong performance. Ethereum (ETH) has approached $2,650 with a 2% increase, while other coins like XRP, SOL, AVAX, DOGE, DOT, BNB, ADA, SHIB, and BCH have all seen gains ranging from 3-4%. The biggest winners of the day include LINK (10%), UNI (7.5%), and MATIC (11%), with Polygon’s native token surpassing $0.5 as a result.
The total cryptocurrency market cap has seen a significant rebound, increasing by over $50 billion to reach $2.250 trillion. Bitcoin’s market cap sits at just over $1.2 trillion, with its dominance over altcoins rising slightly to 53.6% on CoinGecko. Most altcoins have turned green today, with notable performers from the top 100 alts including FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%).
The recent resurgence of Bitcoin and altcoins indicates a renewed bullish sentiment in the cryptocurrency market. Despite the volatility and retracements, the overall trend seems to be positive, with investors showing renewed interest in digital assets. As the market continues to evolve and mature, we can expect to see more fluctuations, but also more opportunities for growth and profit.