The price of Bitcoin has experienced significant volatility towards the end of the week, with a notable drop of $8,000. However, it has managed to recover some of those losses since then. This rollercoaster ride in the crypto market has also impacted several altcoins, including AVAX, BNB, SOL, and APT, which have emerged as top performers in today’s trading session.
Bitcoin’s business week kicked off with intense price fluctuations as well. It initially plummeted to $67,000 before a bullish momentum set in, leading to a massive surge that culminated in a new all-time high of approximately $73,000. Despite this promising start, the bears soon made their presence felt, causing Bitcoin to tumble to below $69,000 within a few hours.
The volatile nature of Bitcoin continued throughout the week, with the cryptocurrency reaching another all-time high of nearly $74,000 on Thursday. However, this peak was short-lived as Bitcoin faced a steep decline of around $8,000, plummeting to a weekly low of under $66,000. Despite a quick recovery that saw it briefly cross the $70,000 mark, Bitcoin has struggled to maintain its momentum and is currently hovering just above $69,000.
While most altcoins experienced sharp declines during the market turmoil, some managed to buck the trend. Solana’s native token, SOL, has surged by 8% to trade above $190, marking its highest price level in over two years. Similarly, AVAX has reached a multi-year high of $60 with a 12% daily increase, while BNB has reclaimed $600 following a 5% uptick. Aptos has also shown strong performance, rising by 14% to reach $15.
Contrasting Performances of Altcoins
In contrast, popular altcoins like DOGE and SHIB have declined by just over 3%, while ETH has remained relatively stable at just over $3,700. Despite the mixed performance of altcoins, the total crypto market cap has seen a substantial recovery of over $60 billion in a single day, now standing at over $2.760 trillion.
The recent volatility in Bitcoin’s price has had a ripple effect on the broader cryptocurrency market, with altcoins experiencing varying degrees of performance amidst the turbulence. As traders navigate through this uncertain landscape, it is essential to closely monitor market trends and developments to make informed investment decisions.