After a substantial price decline that drove it to a weekly low of under $64,000, bitcoin has recovered most losses and now sits above $67,000.
The total crypto market cap has also reclaimed the recently lost ground, as many altcoins have turned green on a daily scale.
BTC Rises Above $67K
Following last Friday’s crash toward $63,000, the primary cryptocurrency started a major recovery during the weekend that saw it increase to $66,000. More volatility ensued when President Joe Biden announced his withdrawal from the 2024 election race.
At first, BTC dumped by $2,000 but started to regain traction on Sunday and especially on Monday when it pumped to a 6-week peak of over $68,400.
However, it failed to keep the momentum going in the following days and started to lose some traction. This culminated in a price drop to a 6-day low of $63,500 yesterday amid a market-wide correction.
Nevertheless, the bulls intercepted the move and didn’t allow any further declines. Just the opposite, the asset started to increase in value and tapped $67,000 earlier today. Its market cap has soared above $1.320 trillion, and its dominance over the alts has risen to 52.7% on CG.
Bitcoin/Price/Chart 26.07.2024. Source: TradingView These Alts Are Well in the Green
Most of the altcoins followed BTC on the way south, including ETH, which has been among the poorest performers after the launch of the spot Ethereum ETFs in the States. However, ETH, alongside the rest of the market, is up today. The second-largest digital asset has added 3% of value and trades above $3,250.
BNB, SOL, DOGE, TON, AVAX, SHIB, DOT, and LINK have all marked similar gains, while XRP, NEAR, and LEO are with insignificant losses. The biggest daily gainers include AAVE, ORDI, STX, and BRETT, as all of them have jumped by double-digits.
The total crypto market cap has erased almost all losses from yesterday and is above $2.5 trillion once more.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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