Bitcoin experienced huge volatility yesterday, falling from nearly $67,000 to a 16-day low of $62,200 before bouncing back more than $3,000.
Similar fluctuations were observed in altcoins, but most of them remained in the red zone in daily indicators, with XRP, KAS, DOGE, SOL and TON leading the way.
BTC’s Unstable Ride
The business week started on a high note for the largest cryptocurrency, with its price rising to $70,000 for the first time in seven weeks after a volatile weekend that included Donald Trump speaking at the Bitcoin Conference 2024 in Nashville.
However, the asset failed to maintain momentum and the subsequent rejection pushed it sharply lower. By Wednesday, BTC had lost about four thousand and was at $66,000. On Thursday, it managed to challenge $67,000, but it did not last long and the bears took control of the market again.
They initially pushed it down to $63,500 before another decline took place that brought it to its lowest since July 15 at $62,200. The volatile ride continued in the opposite direction as BTC jumped to $65,600 within a few hours before slumping back down to just over $64,000 at the moment.
Liquidations have soared to $256 million on a daily basis so far. However, BTC’s market cap has managed to defend its $1.270 trillion level, while its dominance over alts has once again gone on the offensive, reaching 52.9%.
XRP’s Fall Continues
Ripple’s native token has been at the forefront of the market’s recent rally, hitting a multi-month high earlier this week at $0.66. However, XRP has been unable to sustain its gains and has since retreated 14%. The asset has fallen 6% in the last 24 hours alone.
Most other larger-cap altcoins are also in the red. SOL, DOGE, TON, BCH, LINK, and SHIB have fallen by 3-5% over the past day.
Thus, the total cryptocurrency market capitalization lost about $50 billion overnight and dropped to just under $2.4 trillion on CG.
