Bitcoin, the world’s leading cryptocurrency, experienced a turbulent journey recently. The catalyst for this wild ride was the vulnerability issues reported by the major wallet company, Ledger. However, after the initial storm, Bitcoin seems to have calmed down, currently sitting just below the $43,000 mark.
While most altcoins have witnessed minor gains or losses, one altcoin that continues to rise is SOL. Fueling its ascent could be the hype surrounding the new meme coin sensation, BONK. In fact, BONK’s popularity has pushed SOL to new heights, making it one of the top performers in recent times.
Over the weekend, Bitcoin reached a 19-month peak at $44,700. However, it struggled to maintain its momentum and retraced to $44,000. The negative trend continued on Monday, with a price dump that took Bitcoin below the $41,000 mark. Tuesday brought further decline, with Bitcoin hitting a weekly low of $40,200.
Fortunately for the bulls, they were able to defend the $44,000 mark and initiate a recovery. Bitcoin jumped above $43,000, but the recent vulnerability issues with Ledger resulted in a highly volatile trading day yesterday. The news caused BTC to dump by over $1,500, plummeting to $41,500. However, once Ledger announced the fix, Bitcoin quickly recovered, surpassing $43,000 again and leaving many traders liquidated.
Bitcoin’s Market Cap and Altcoin Dominance
As of now, Bitcoin’s market cap has risen back to an impressive $840 billion. However, its dominance over altcoins has taken a hit and now sits below 52%. This shift in dominance could be attributed to the recent surge in popularity of altcoins like SOL and the meme coin BONK.
In the past 24 hours alone, BONK has experienced a staggering 100% surge, propelling it to a fresh all-time high. Over the course of a week, BONK has seen its value increase by four digits, further fueling the price surge for SOL. Consequently, SOL has risen by over 8% in the past 24 hours and is now trading close to $80.
Among the larger-cap altcoins, Avalanche stands out as another notable gainer, with a 5.5% increase in value and a current trading price of $40. The remaining top ten altcoins, including ETH, ADA, XRP, DOGE, and TRX, experienced minor gains or insignificant losses, such as BNB.
Despite the volatility of Bitcoin and the success of altcoins, the total crypto market cap has remained above $1.6 trillion. This indicates that the broader cryptocurrency market has remained relatively stable.
Bitcoin’s recent rollercoaster ride, fueled by vulnerabilities experienced by Ledger, has showcased the volatility and unpredictability of the cryptocurrency market. While Bitcoin has calmed down for now, altcoins like SOL and the meme coin sensation BONK continue to rise, reshaping the dynamics of the crypto market. With the total market cap still holding strong, the crypto world remains an exciting and rapidly evolving landscape.