Markets
BTC Price Retraces After Hitting 6-Week High, AVAX Skyrockets 11% Daily (Market Watch)
The price of Bitcoin reacted positively to President Joe Biden’s decision to withdraw from the 2024 presidential race, peaking at over $68,000 in several weeks.
Altcoins were also quite volatile following the announcement, but AVAX emerged as the best performer on a daily scale.
BTC’s Crazy Weekend
The leading cryptocurrency has been through some wild periods of price volatility in recent weeks, and the last ten days or so have been no exception. It rocketed from $58,000 to $65,000 in just a few days after the failed assassination attempt on so-called crypto candidate for US President Donald Trump, before plunging three thousand dollars last Tuesday.
The bulls returned to the offensive, reaching $66,000, but were stopped and on Friday, bitcoin fell again to $63,500 in a matter of hours.
Another wave occurred on Friday evening and Saturday morning, guide cryptocurrency at around $67,000. Current US President Joe Biden ended his 2024 election campaign on Sunday, which sent another shockwave through the market.
This time, BTC downloaded of $2,000 immediately after the news broke, before jumping several thousand dollars to hit a six-week high of $68,400 (on Bitstamp).
At the moment, however, the asset is trading around a grand lower, with its market cap sitting at $1.330 trillion. Its dominance over alts has increased to 51.7% on CG.
Bitcoin/Price/Chart 07/22/2024. Source: TradingView
AVAX works for free
Most altcoins followed BTC during last night’s volatile rally but have now stabilized. ETH, TON, SHIB, and BCH are slightly in the red, while BNB, XRP, ADA, TRX DOT, and LINK have seen slight gains.
Dogecoin and Solana have seen more impressive gains in recent days. Both assets are up around 4-5%, with DOGE nearing $0.14, while SOL is near $180.
However, Avalanche’s native token emerged as the top gainer today. AVAX is up 10.5% and is now trading at $32.
The total cryptocurrency market capitalization has held onto its weekend gains and now stands above $2.55 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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