Bitcoin’s dull price actions continued in the past 24 hours as the asset’s most notable increase came in the form of a $800 gain to almost $66,000 earlier today.
The altcoins are mostly with minor gains today. TON, NEAR, and RNDR lead the way, but even they have been massively outperformed by Fetch.ai’s FET.
BTC Fails at $66K
The primary cryptocurrency had a violent end to the previous business week as it slumped from over $67,000 to $65,000 within hours on Friday. It bounced off during the weekend and spent most of it trading sideways at just over $66,000.
After another leg down toward $65,000 on Monday, bitcoin reversed its trajectory and spiked to $67,200 once again. However, it failed there and was pushed down to $64,000 on a few occasions, which allowed certain whales to reenter the ecosystem amid the growing ETF outflows.
It recovered some ground yesterday during the US national holiday in which Wall Street trading was halted. More gains came earlier today when the asset spiked briefly toward $66,000 but failed to overcome that level and now sits inches below it.
Still, the volatility has been quite muted in recent days. This means that bitcoin’s market cap remains below $1.3 trillion, and its dominance over the alts has taken a slight hit to 51.3%.
Bitcoin/Price/Chart 20.06.2024. Source: TradingViewFET Takes the Main Stage
Perhaps fueled by Nvidia’s massive growth this year, several AI-related tokens have skyrocketed in the past day. Fetch.ai’s native coin is at the forefront with a massive 30% surge that pushed it to just over $1.7 earlier today.
More gains come from the likes of NEAR (9%), RNDR (6.5%), and TON (5%). The rest of the larger cap alts are also mostly in green but in a more modest fashion.
In contrast, SOL, UNI, DOT, and LEO are slightly in the red.
The total crypto market cap has recovered around $50 billion since the mid-week low and is above $2.5 trillion on CG now.
Cryptocurrency Market Overview. Source: QuantifyCrypto