Bitcoin Leads Other Coins and Retains Significant Support
This week’s volatility in Bitcoin prices had investors on edge. The Bitcoin experienced a rapid decline within hours, but it quickly rebounded.
On Monday, bitcoin dropped from $66,000 to $49,800, then on Wednesday, it reached $62,300. By the end of the week, Bitcoin had settled at $60,000. During this volatility, Bitcoin has outperformed other cryptocurrencies, demonstrating its dominance in the cryptocurrency market.
The Market Share of Bitcoin Increases
The week in cryptocurrency was the most volatile since the FTX crisis two years ago, according to Santiment, an on-chain analytics platform. Numerous cryptocurrencies fell sharply, disappearing.
optimistic improvements from the previous month.
The biggest cryptocurrency, Ethereum, dropped below $2,300 for the first time in the previous six months. Although a number of alternative coins were unable to bounce back from the market meltdown, Bitcoin managed to hold onto its lead and even grew in popularity.
Positive momentum helped Bitcoin recover over $60,000 three days after it dropped below $50,000.
With a $1.2 trillion market valuation, Bitcoin is currently selling for $61,300, up 1% from the previous day. 56.2% of the crypto market is dominated by Bitcoin. Bitcoin is dominating the market more than it has since the peak of the bull market in 2021, claims CoinMarketCap.
Overview of Altcoins
Although other cryptocurrencies have recovered from their losses from last week, Bitcoin has increased in value. XRP is a notable exception. Following a recent ruling in the Ripple-US SEC legal fight, XRP is now the leading cryptocurrency.
On August 7, this legal development caused XRP to rise to $0.6372. XRP gained 7.78% last week, however it has already corrected to $0.5923.
Over the weekend, Toncoin (TONNE) saw gains after Binance listed it. Within a day of this major incident, TON’s price increased by 13%. At $6.62, toncoin is currently up 10.9% in just one week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
X : cryptomantr