Bitcoin’s price has been on a rollercoaster ride recently, experiencing wild fluctuations in response to various events. The cryptocurrency surged from $58,000 to $65,000 after an attempted assassination against Donald Trump, only to drop by three grand shortly after. Following a brief surge again to $66,000, Bitcoin plummeted to $63,500 before making another jump to around $67,000. However, the biggest price movement occurred when President Joe Biden announced the end of his 2024 presidential race, causing Bitcoin to initially drop by $2,000 before skyrocketing to a six-week high of $68,400.
While Bitcoin’s price has been volatile, altcoins have also been reacting to the market fluctuations. Some altcoins such as ETH, TON, SHIB, and BCH have experienced slight losses, while others like BNB, XRP, ADA, TRX, DOT, and LINK have seen minor gains. Dogecoin and Solana have both shown impressive increases, with DOGE nearing $0.14 and SOL close to $180. However, the biggest gainer of the day has been Avalanche’s native token, AVAX, which has risen by 10.5% and now trades at $32.
Despite the ups and downs of individual cryptocurrencies, the total crypto market cap has maintained its weekend gains and is now above $2.550 trillion. Bitcoin’s dominance over the altcoins has also increased to 51.7%, indicating that investors are still bullish on the leading cryptocurrency.
President Biden’s decision to end his 2024 presidential race has had a significant impact on Bitcoin’s price and the overall cryptocurrency market. While Bitcoin has experienced extreme volatility in recent weeks, altcoins have also been affected, with some seeing losses while others have made gains. The total market cap of cryptocurrencies remains strong, indicating continued interest and investment in the digital asset space.
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