Bitcoin went through a huge roller coaster yesterday, soaring to a multi-month high of $68,000, then dropping tens of thousands of dollars before settling around $67,000.
Litecoin and Dogecoin emerged as the top performers among large alt currencies today, with both rising around 6%.
BTC peaks, retracements and calm
Just last Thursday, the situation for cryptocurrencies became very dire, with BTC dropping significantly to below its monthly low of $59,000. However, the bulls managed to block this move, helping the asset recover almost all its losses by the end of the week.
As a result, Bitcoin was hovering around $63,000 on Saturday and Sunday, but then went on a hard offensive on Monday and Tuesday. This culminated yesterday when the price soared to $68,000, leaving more than $250 million in liquidation proceeds.
However, the property was initially unable to keep running and was pushed south by about 3 grand within minutes. Nevertheless, the bulls have gained the upper hand once again, with BTC currently trading above $67,000, up 2% in the past 24 hours.
This rally, likely driven by increased demand for spot ETFs, has pushed Bitcoin's market cap to nearly $1.33 trillion. Advantage over alternatives has also increased to 55%, according to CG data.
Doge, LTC Jump
Most altcoins recorded impressive gains yesterday, and BTC was also on a roller coaster ride. But on a 24-hour scale, the landscape is much calmer.
Ethereum, Binance Coin, Solana, Ripple, and Tron all have small gains or small losses. However, DOGE has surged over 6% during the same period and is currently trading above $0.124.
Litecoin’s daily surge is similar, with LTC currently trading above $70. Still, the market capitalization of cryptocurrencies has increased by about $30 billion since yesterday, and by a whopping $130 billion in the past two days alone. This indicator currently exceeds $2.4 trillion in CG.
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Cryptocurrency charts by TradingView.
