Bitcoin’s price has finally calmed at around $57,000 after the massive volatility that the asset experienced since last Friday.
Ethereum has turned red once again, while Ripple’s native token has soared by double digits following the latest development on the front against the US SEC.
BTC Calms at $57K
It’s safe to say that bitcoin had to endure one of its worst crashes in recent history in the past week or so. It all started on Friday when it dumped from $66,000 to $62,200 following economic uncertainty on US and Japanese soil.
The landscape worsened during the weekend when BTC slipped to $57,000 but culminated on Monday with a massive price drop to $49,500. This became BTC’s lowest price position since mid-February.
The bulls finally woke up at this point and didn’t allow any further declines despite fears about a potential nosedive to $40,000. Instead, bitcoin went on the offensive and jumped to $53,000 by Tuesday. It continued to regain traction in the following 48 hours and now sits at just over $57,000.
This means that its market capitalization stands close to $1.130 trillion, while its dominance over the altcoins has neared 54% – the highest in over a year.
Bitcoin/Price/Chart 08.08.2024. Source: TradingViewXRP on the Move
The biggest news in the past 24 hours involved Ripple. The company, which has been in a lawsuit battle against the US SEC for over three and a half years, was fined $125 million (a lot less than what the regulator wanted at first). This was considered a positive development for the XRP community, and the native token skyrocketed by over 20% at one point to over $0.6.
The other big-time gainer from the larger-cap alts is Toncoin, amid positive news from Binance. TON is up by almost 10%, which has pushed it to $6.3.
In contrast, ETH and BNB have turned red. SHIB, AVAX, and LINK are also down by around 3-4% in a day.
The total crypto market cap has remained at relatively the same spot as yesterday at $2.1 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto