Bitcoin (BTC) has experienced a period of enhanced volatility, with significant price fluctuations reaching over $2,500 in each direction. However, the cryptocurrency has now calmed on a daily scale and is Trading close to its familiar ground of around $26,000. Other altcoins have also become less volatile, with UNI being one of the few showing substantial increases in the past day.
The recent volatility came to an abrupt halt when Grayscale, a major digital asset management firm, won a court victory over the U.S. Securities and Exchange Commission (SEC) in its legal battle regarding the transformation of its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This court victory led to an immediate uptick in BTC’s price, breaking out of the $26,000 level. Within hours, the cryptocurrency soared by more than $2,000 and reached a multi-week high above $28,000.
However, this bullish run was short-lived as BTC retraced by $1,000 within the next 24 hours. The cryptocurrency faced further negative Market conditions later in the week, resulting in a drop of over $1,500 and reaching an 11-week low of $25,350 on some exchanges. Nevertheless, BTC bounced back and reclaimed almost the entire drop. Its current price is now hovering around $26,000, with a market capitalization of $505 billion and a dominance over altcoins at 48.4%.
The majority of alternative coins (altcoins) mirrored BTC’s pump and dump pattern and have similarly calmed down within the past 24 hours. Some altcoins, including ETH, XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC, have recorded minor gains. Conversely, BNB, SOL, and SHIB have experienced slight declines. Among the larger-cap altcoins, Uniswap’s native token (UNI) has shown the most significant increase with a 3% gain.
On a weekly scale, TONCOIN is the best performer, despite experiencing a 5% dump on a daily scale. It has gained over 25% in the past week. IOTA follows closely with a 13% increase, and XDC has gained 12%. The total crypto market capitalization has remained relatively steady, sitting below $1.050 trillion on CoinMarketCap.
Overall, while BTC has experienced periods of volatility, it has now calmed around the $26,000 mark. Altcoins have also shown similar patterns of volatility but have generally stabilized in the past day. The total market capitalization of the cryptocurrency market remains relatively stable..
#Bitcoin #Price #Stabilizes #26K #Alts #Soared #Weekly #Market #Watch
The recent volatility came to an abrupt halt when Grayscale, a major digital asset management firm, won a court victory over the U.S. Securities and Exchange Commission (SEC) in its legal battle regarding the transformation of its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This court victory led to an immediate uptick in BTC’s price, breaking out of the $26,000 level. Within hours, the cryptocurrency soared by more than $2,000 and reached a multi-week high above $28,000.
However, this bullish run was short-lived as BTC retraced by $1,000 within the next 24 hours. The cryptocurrency faced further negative Market conditions later in the week, resulting in a drop of over $1,500 and reaching an 11-week low of $25,350 on some exchanges. Nevertheless, BTC bounced back and reclaimed almost the entire drop. Its current price is now hovering around $26,000, with a market capitalization of $505 billion and a dominance over altcoins at 48.4%.
The majority of alternative coins (altcoins) mirrored BTC’s pump and dump pattern and have similarly calmed down within the past 24 hours. Some altcoins, including ETH, XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC, have recorded minor gains. Conversely, BNB, SOL, and SHIB have experienced slight declines. Among the larger-cap altcoins, Uniswap’s native token (UNI) has shown the most significant increase with a 3% gain.
On a weekly scale, TONCOIN is the best performer, despite experiencing a 5% dump on a daily scale. It has gained over 25% in the past week. IOTA follows closely with a 13% increase, and XDC has gained 12%. The total crypto market capitalization has remained relatively steady, sitting below $1.050 trillion on CoinMarketCap.
Overall, while BTC has experienced periods of volatility, it has now calmed around the $26,000 mark. Altcoins have also shown similar patterns of volatility but have generally stabilized in the past day. The total market capitalization of the cryptocurrency market remains relatively stable..
#Bitcoin #Price #Stabilizes #26K #Alts #Soared #Weekly #Market #Watch
