Bitcoin, the primary crypto asset has recovered fully from the selling pressure of previous weeks and is now above $67,000 while its market capitalization has grown to $1.328 trillion.
The current price of Bitcoin at the time of report is $67,350 according to CoinGecko data signaling a full recovery from a weekly low of $64,000.
Aside from Bitcoin’s surge and recovery, other Altcoins are also currently in the green zone witnessing their own recovery while the total market cap of all cryptocurrencies reclaimed its lost ground.
As of last Friday, Bitcoin price crashed to $63,000 and started a strong recovery over the weekend that saw the price surge to $66,000. Bitcoin price during the course of the week witnessed a series of volatility with the most significant event behind it being the announcement of Joe Biden stepping down from the United States presidential race slated to hold in November.
Bitcoin experiences Volatility during the week
Bitcoin started the week by dumping by $2000 but regained traction on Sunday leading into Monday where it pumped to a 6-week peak of over $68,400.
Bitcoin failed to maintain its momentum in the following days resulting in a steep price drop to $63,500 yesterday. This is a 6-day low and it occurred amid a market-wide correction.
The price drop by Bitcoin was intercepted by the Bulls who refused the crypto asset declining further. The bulls managed to push up Bitcoin Price and value resulting in a $67,000 price level early today.
Bitcoins Market capitalization surged to $1,328 trillion and its dominance over altcoins extended by 52.7%.
Altcoins rebound too, now in green zone
Altcoins which are other crypto assets that aren’t Bitcoin mirrored Bitcoin performance over the course of the week. They initially moved south with Bitcoin when it dropped.
Ethereum the biggest and most significant altcoin has performed poorly despite its spot Ethereum ETF launch.
But today, Ethereum gained 3% and is currently trading above $3,250. The rest of the altcoins followed a similar trajectory and were all in green at the time of the report.
CryptoPotato reports that BNB, SOL, DOGE, TON, AVAX, SHIB, DOT, and LINK have all marked similar gains, while XRP, NEAR, and LEO have insignificant losses.
The biggest daily gainers include AAVE, ORDI, STX, and BRETT, as all of them have jumped by double-digits.
What to Know
- The total crypto market capitalization has rebounded from yesterday’s losses to hit a current price level of above $2.5 trillion.
- Ethereum has reacted slowly to the launch of its Ethereum ETFs in the United States despite the impressive inflow of institutional funds.
