Bitcoin Price Rises to Two-Week High After Recent Dip
Bitcoin’s price has shown signs of recovery following a price dump on Monday, reaching a two-week high above $26,500. Altcoins, on the other hand, have experienced increased volatility, with XLM falling the most while TONCOIN, COMP, and RLB have seen double-digit gains [source].
BTC‘s $26K Endeavor
After an unsuccessful attempt to surpass $26,000 last week, bitcoin lost momentum and traded below that level for several days, including the stagnant weekend. However, on Monday evening, the cryptocurrency experienced a significant drop, falling below $25,000 and hitting a two-month low [source].
Bulls Intercept the Move
Despite the drop, the bulls intercepted the move and prevented further decline. In fact, they pushed bitcoin’s price back up, surpassing $26,000 the next day. Yesterday evening, bitcoin even reached a two-week high at just over $26,500 [source].
Altcoin Volatility
While most altcoins have also faced increased volatility in the past day, they remain relatively calm compared to 24 hours ago. Some altcoins, such as ETH, BNB, TRX, MATIC, and LTC, have posted minor gains, while others like XRP, ADA, DOGE, SOL, DOT, and SHIB are slightly in the red. Stellar’s native cryptocurrency, XLM, has slumped the most, losing over 8% of its value and struggling at $0.12. However, TONCOIN, Compound, and Rollbit Coin have seen significant increases, with TONCOIN and Compound skyrocketing by 15% and 12%, respectively [source].
Market Cap and Dominance
Bitcoin’s market cap has defended the $500 billion mark, and its dominance over the altcoins has reached 49%. In the past few days, bitcoin’s dominance has increased by nearly 1%. The total cryptocurrency market cap has also added a few billion, reaching close to $1.040 trillion on CMC [source].
Conclusion
Despite the recent dip, bitcoin has shown resilience and managed to reach a two-week high. Altcoins have experienced mixed results, with some facing losses while others have seen significant gains. The cryptocurrency market remains volatile, indicating the need for careful analysis and research when making investment decisions.
Sources:
– [Bitcoin Struggles Below $26K, but These Alts Have It Worse – Weekend Watch](https://cryptopotato.com/bitcoin-struggles-below-26k-but-these-alts-have-it-worse-weekend-watch/)
– [Almost $200 Million Liquidated Amid Bitcoin’s Rollercoaster](https://cryptopotato.com/almost-200-million-liquidated-amid-bitcoins-rollercoaster-market-watch/)
– [Cryptocurrency Market Overview](https://cryptopotato.com/wp-content/uploads/2023/09/Allcoins-3.png)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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