Bitcoin’s price headed south on Friday evening as it popped above $58,000 and has remained there since.
The altcoins have also turned green, with XRP, ADA, DOT, BCH, and NEAR leading the pack from the larger caps.
BTC Reclaims $58K
The primary cryptocurrency had a violent end to the previous business week as it dumped hard on July 5 from over $58,500 to a multi-month low of under $54,000. The bulls intercepted the move during the weekend and drove BTC to $58,500 once again.
Another volatile ride followed with a price pump and dump of around $3,000 each at the start of the new business week. The bulls kept the pressure on, and the cryptocurrency briefly surpassed $59,000 on a few occasions, the last of which was after the favorable US CPI numbers on Thursday.
However, the asset failed to keep the momentum going and dropped below $57,000 yesterday. Later on Friday, though, the landscape changed once again and bitcoin jumped to just over $58,000 where it currently trades as well.
Its market capitalization has neared $1.150 trillion, but its dominance over the alts has taken a hit and is down to 50.6% on CG.
Bitcoin/Price/Chart 13.07.2024. Source: TradingViewXRP Steals the Show
Most of the larger-cap alts have turned green today again. Ethereum is up by more than 2% and now trades above $3,100. Binance Coin has gained 3% and sits well above $535. Solana, Dogecoin, Tron, and Avalanche have posted similar gains.
More impressive price increases come from the likes of Cardano (6.5%), Shiba Inu (5.5%), Polkadot (6.7%), Bitcoin Cash (7.2%), and NEAR Protocol (7.5%).
However, Ripple’s native token has popped out as today’s biggest gainer. XRP is up by 11% and now trades above $0.5.
Similar gains from the mid-cap alts come from the likes of XLM, ICP, and MKR.
The total crypto market cap has added $50 billion overnight and now sits above $2.260 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto