Markets
Bitcoin (BTC) Bounces Above $67K, Stacks (STX) Skyrockets 10% Daily (Market Watch)
After a substantial price drop that took it to a weekly low below $64,000, bitcoin has recovered most of its losses and is now trading above $67,000.
The overall cryptocurrency market capitalization has also recovered some of the recently lost ground, as many altcoins have turned green on a daily scale.
BTC Soars Above $67,000
After last Friday’s plunge to $63,000, the leading cryptocurrency began a major recovery over the weekend, which saw it rise to $66,000. More volatility followed when President Joe Biden announced he was withdrawing from the 2024 election race.
Initially, BTC dropped by $2,000, but began to regain momentum on Sunday and especially Monday, when it hit a 6-week high of over $68,400.
However, it failed to maintain the momentum in the following days and started to lose some tractionThis led to a drop in prices at Minimum 6 days of $63,500 yesterday, amid a market-wide correction.
However, the bulls intercepted the move and did not allow further declines. Instead, the asset started to increase in value and touched $67,000 in the morning. Its market cap rose above $1.320 trillion and its dominance over alts increased to 52.7% on CG.
Bitcoin/Price/Chart 26.07.2024. Source: TradingView
These Alts are well in the green
Most altcoins followed BTC on the way down, including ETH, which was among the worst performers after the launch of spot Ethereum ETFs in the United States. However, ETH, along with the rest of the market, is on the rise today. The second-largest digital asset has added 3% in value and is trading above $3,250.
BNB, SOL, DOGE, TON, AVAX, SHIB, DOT, and LINK all saw similar gains, while XRP, NEAR, and LEO saw insignificant losses. The biggest daily gainers included AAVE, ORDI, STX, and BRETT, as they all jumped double digits.
The total cryptocurrency market capitalization has erased almost all of yesterday’s losses and has once again surpassed $2.5 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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