Bitcoin’s price movements over the weekend have settled into a much calmer state, with the asset maintaining a relatively stable position just above $61,000. The previous weekend saw a significant dip in value, with bears pushing the primary cryptocurrency down from $66,000 on Friday to $57,000 by Sunday evening. The situation worsened on Monday, as the price plummeted to $49,500, marking BTC’s lowest point in about six months.
Despite the initial decline, the asset began to recover ground in the following days. By Friday morning, Bitcoin surged to almost $63,000, reclaiming over $13,000 in value in less than a week. However, the momentum was short-lived as the cryptocurrency retraced slightly. Currently, the market remains choppy but Bitcoin has managed to stay above $61,000 in the past 24 hours. Its market capitalization has surpassed $1.2 trillion, while its dominance over altcoins has slightly declined and is now just under 54%.
Most altcoins have shown gains in the past 24 hours, with Binance Coin (BNB) and Dogecoin (DOGE) emerging as the top performers among larger-cap altcoins. DOGE has increased by 5% and reached $0.11 for the first time in days, while BNB has surged by just over 4% and now sits above $530. Other altcoins, such as Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Bitcoin Cash (BCH) are also slightly in the green. However, TON stands out as one of the few larger-cap altcoins in the red.
Among mid-cap altcoins, Aptos and Fetch.ai (FET) have shown impressive gains of 7% and 9%, respectively. The total crypto market cap has increased by about $20 billion overnight and is now at $2.245 trillion on CoinGecko.
Bitcoin’s recent price stability, followed by a slight recovery, has set the tone for a relatively calm market environment. Altcoins have shown mixed performances, with some larger-cap altcoins like BNB and DOGE outperforming others. However, the overall market sentiment remains positive, with the total crypto market cap on the rise. Investors will be closely monitoring Bitcoin’s movements in the coming days to gauge the direction of the market.