Bitcoin’s price surged to over $68,000 after President Joe Biden announced his decision to quit the 2024 presidential race. This positive reaction came amidst a period of intense price volatility for the primary cryptocurrency. Following the failed assassination attempt against Donald Trump, Bitcoin skyrocketed from $58,000 to $65,000, only to drop by three grand last Tuesday. However, the bulls pushed back and drove the price to $66,000, before a sudden drop to $63,500 on Friday.
Altcoins also experienced volatility in response to the market shifts. AVAX emerged as the top performer on a daily scale. While some altcoins like ETH, TON, SHIB, and BCH dipped slightly, others such as BNB, XRP, ADA, TRX, DOT, and LINK saw minor gains. Dogecoin and Solana showed more significant increases, with both assets up by around 4-5%.
Avalanche’s native token, AVAX, stood out as the top gainer in the market, rising by 10.5% to reach $32. This surge in price highlighted the potential for certain altcoins to outperform amidst market fluctuations.
The total cryptocurrency market cap has maintained its weekend gains and now sits above $2.550 trillion. Despite Bitcoin’s fluctuations, its dominance over the altcoins has increased to 51.7% on CG. As of now, Bitcoin’s market cap is at $1.330 trillion, although the asset trades slightly lower than its recent high.
The crypto market continues to demonstrate sensitivity to external events such as political decisions. Bitcoin’s reaction to President Biden’s announcement reflected the ongoing volatility in the market, with altcoins also experiencing notable price movements. While some altcoins struggled, AVAX stood out as a top performer, showcasing the diversity of opportunities within the cryptocurrency space. As the market continues to evolve, investors should stay informed and prepared for further fluctuations and opportunities for growth.
