Bitcoin’s price witnessed a wild ride recently, surging to over $62,000 before retracing back below that level. The primary cryptocurrency started the week at over $64,000 after a quiet weekend, but bears quickly took over and drove the price south, causing it to slump to $58,400 in a matter of hours. The bulls managed to push BTC back above $60,000 and even above $62,000 at one point, only to face rejection and retreat back to $61,500 where it currently stands.
Altcoins Steal the Show
While Bitcoin struggled with price volatility, several altcoins stole the spotlight. Projects like Polkadot (DOT), Avalanche (AVAX), and Solana (SOL) outperformed significantly, with SOL even reaching a new high of $150 after the news of VanEck filing to launch the first Solana ETF in the United States. AVAX surged above $28 and DOT climbed to over $6, showcasing strong gains compared to the sluggish performance of Bitcoin.
Market Cap Movements
Despite the ups and downs in the market, the total crypto market cap managed to gain around $40 billion overnight, exceeding $2.4 trillion on CoinGecko. Bitcoin’s market cap also rose above $1.2 trillion, but its dominance over altcoins struggles to maintain above 50.5%. While some larger-cap alts like FET and TRX experienced slight losses, the majority of altcoins were in the green, albeit with more modest gains compared to top performers like AVAX, DOT, and SOL.
Bitcoin’s price actions continue to drive significant fluctuations in the crypto market, sending mixed signals to investors and traders. While the asset may be struggling to maintain its high levels, altcoins are seizing the opportunity to shine and outperform the digital giant. As the market remains highly dynamic and unpredictable, it’s essential for participants to stay informed and adapt quickly to capitalize on the ever-changing landscape of cryptocurrency investments.
