Bitcoin, the king of cryptocurrencies, experienced a rollercoaster ride in the past few days. The market witnessed significant volatility due to vulnerability issues reported by Ledger, a major wallet company. This article explores the twists and turns that Bitcoin took, along with the performance of other altcoins in the market.
Bitcoin soared to a 19-month peak of $44,700 on Saturday, only to lose its momentum and retrace to $44,000 for the rest of the weekend. Monday brought more negative news as the price plunged below $41,000. The situation worsened on Tuesday, hitting a weekly low of $40,200. However, the bulls managed to defend the crucial $44,000 mark, initiating a leg up that propelled Bitcoin above $43,000.
The recent vulnerabilities reported by Ledger added fuel to the fire, causing Bitcoin to experience highly volatile trading. The news of the vulnerabilities led to a significant price dump, with Bitcoin dropping by over $1,500 to $41,500. However, once Ledger announced the fix, Bitcoin quickly recovered most of its losses and surged back above $43,000. This sudden price swing resulted in millions of liquidations in the market.
Amidst the chaos, one altcoin stands out – BONK. This Solana-based meme coin has become the top performer in the market recently. Within the past 24 hours alone, BONK recorded a massive 100% surge, propelling it to a fresh all-time high. On a weekly scale, BONK’s gains are in the four-digit range. Unsurprisingly, this surge in BONK’s price also had a positive impact on SOL, the underlying token. SOL experienced an 8% jump in the past 24 hours, with its price hovering around $80.
Avalanche, another notable altcoin, recorded a gain of 5.5% and is currently trading at $40. Other top-ten altcoins like ETH, ADA, XRP, DOGE, and TRX witnessed minor gains, while BNB suffered insignificant losses. Overall, the total crypto market cap remains above $1.6 trillion.
Bitcoin’s market cap has surged back to $840 billion, indicating a recovery after the initial dip caused by the vulnerabilities. However, its dominance over other altcoins has taken a hit, falling below 52%.
Bitcoin’s wild ride in the past few days has showcased the inherent volatility of the cryptocurrency market. The vulnerabilities reported by Ledger intensified the price swings, resulting in significant gains and losses for investors. Meanwhile, altcoins like BONK and SOL have emerged as top performers, experiencing remarkable price surges. As the crypto market continues to evolve, investors must remain vigilant and adapt to the ever-changing landscape.
