Bitcoin’s price faced intense volatility at the end of the business week, experiencing a significant drop of $8,000. Despite this, the cryptocurrency has managed to recover some of the losses incurred. The week began with Bitcoin plummeting to $67,000, only to see a sudden surge that led to a new all-time high of approximately $73,000. However, this bullish momentum was short-lived as the bears swiftly took control, causing Bitcoin to drop to under $69,000 in a matter of hours.
Following the initial drop, Bitcoin once again reached an all-time high of nearly $74,000 on Thursday, only to face rejection and a subsequent $8,000 decline that brought it to a weekly low of under $66,000. Despite a brief recovery that briefly pushed the price above $70,000, Bitcoin struggled to maintain momentum and is currently trading at just over $69,000. This price volatility highlights the unpredictable nature of the cryptocurrency market.
While Bitcoin faced turbulence, several altcoins managed to bounce back from the Friday crash. AVAX, BNB, SOL, and APT emerged as the top performers of the day. Solana’s native token, SOL, saw an 8% increase and is currently trading above $190, marking its highest price level in over two years. AVAX also reached a multi-year high at $60 following a 12% surge, while BNB reclaimed $600 with a 5% increase. Aptos experienced a 14% surge to $15. However, not all altcoins fared well, with DOGE and SHIB declining by just over 3%, and ETH remaining relatively stable at just over $3,700.
Despite the volatility, the total crypto market cap managed to recover more than $60 billion in a single day, now standing at over $2.760 trillion on CG. Bitcoin’s market cap has also increased to over $1.350 trillion, maintaining its dominance over the altcoins at 49.2%. This recovery demonstrates the resilience of the overall cryptocurrency market in the face of extreme price fluctuations.
The recent rollercoaster ride of Bitcoin’s price volatility underscores the inherent unpredictability of the cryptocurrency market. While Bitcoin struggles to maintain stability, altcoins like AVAX, BNB, SOL, and APT have shown resilience and even achieved new milestones. Despite the ups and downs, the total crypto market cap continues to demonstrate strength and growth, reflecting the ongoing evolution of the digital asset landscape. Investors and traders should remain cautious and vigilant in navigating the turbulent waters of the crypto market.