Markets
BTC Price Faced Huge Volatility During Trump Speech, XRP Steady At $0.6 (Weekend Watch)
Yesterday, all eyes in the cryptocurrency community were on the Bitcoin Conference in Nashville, where Donald Trump was supposed to speak about BTC, which led to significant price volatility for the asset.
On a daily basis, most cryptocurrencies are slightly in the red, with TON and DOGE leading the way among the largest caps.
BTC Sees Roller Coaster
Last weekend was also quite a busy one in terms of price action for bitcoin, as the asset dropped $2,000 in a matter of minutes after President Joe Biden dropped out of the 2024 election race, but then rallied over three thousand dollars. Finally, BTC surpassed $68,400 on Monday for the first time in over 6 weeks.
However, it failed to maintain its run and started gradually losing value. A more substantial price drop occurred on Thursday, when it plunged from $67,200 to $63,400. However, the bulls managed to intercept the move and started an upward leg on Friday and Saturday that I was driving bitcoin at $68,000.
As anticipation for Trump’s speech mounted, BTC surged to a 7-week high of over $69,300. The rollercoaster came when he took the stage and made several great promisesWithin a few hours, bitcoin crashed to $66,500, bounced back to $69,000, and fell back to its current position of $67,500.
As a result, its market cap dropped to $1.330 trillion, but its dominance over alts increased to 52.9% on CG.
Bitcoin/Price/Chart 28.07.2024. Source: TradingView
The alts turn red
Most altcoins have seen impressive gains over the past 24 hours and, as somewhat expected, have lost some traction today. ETH and BNB are down 1.5% each to $3,225 and $578, respectively. SOL, ADA, SHIB, DOT, and LINK have retraced similar percentages.
Dogecoin, Toncoin, and Avalanche are down 3-4%, while NEAR, WIF, APT, and RNDR are down as much as 6%.
XRP, TRX and BCH are among the few growing alternatives, while in the case of Bitcoin Cash the daily increase is 3.5%.
The total cryptocurrency market cap lost about $30 billion overnight and is now below $2.52 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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