Bitcoin has had a turbulent week with huge price swings keeping investors on edge. The cryptocurrency has been on a rollercoaster ride, dropping dramatically in value in a matter of hours before rebounding strongly.
Specifically, Bitcoin fell from $66,000 to a low of $49,800 on Monday, just Mid-week bounceBitcoin peaked at $62,300. By the end of the week, Bitcoin settled at a strong support level at $60,000. It is worth noting that Bitcoin outperformed most altcoins during these volatility, which strengthened its dominance in the cryptocurrency market.
Bitcoin Strengthens Its Market Dominance
According to the on-chain analytics platform saintLast week was the most volatile week the cryptocurrency industry has seen since the collapse of FTX two years ago. Several altcoins collapsed in value, effectively erasing the price gains that bulls had driven higher over the past month.
For example, Ethereum, the largest altcoin, saw its value fall to $2,300 for the first time in over six months. While many altcoins struggled to recover from the broader market downturn, Bitcoin’s resilience has not only helped it regain lost ground but also increased its market share, cementing its position as the leading cryptocurrency.
A Back to upside momentum Bitcoin has surged back above $60,000 in a quick rebound just three days after it fell below $50,000.
At the time of writing, Bitcoin is trading at $61,300 with a market cap of $1.2 trillion, up 1% in the past 24 hours. Thus, 56.2% of the entire cryptocurrency market cap is currently in Bitcoin. According to data from CoinMarketCap, this is the highest level of Bitcoin’s market dominance since the peak of the 2021 bull market.
Altcoins Overview
While many altcoins have started to recover from the heavy losses they suffered last week, their recovery efforts have not been as pronounced as Bitcoin. XRP is a notable exception. Altcoins’ gains are currently led by XRP, which has been a reaction to Modern ruling on the lawsuit Between Ripple and the US Securities and Exchange Commission.
This legal development triggered a bullish reaction The price of XRP rose to $0.6372 on August 7. Although XRP has since undergone a slight correction and is now trading at $0.5923, it has managed to maintain an impressive 7.78% gain over the past week.
Toncoin (TON) also saw gains over the weekend after being listed on the Binance cryptocurrency exchange. This important event led to an increase in The price of TON has increased by more than 13% in 24 hours. According to the latest data, Toncoin is trading at $6.62, and it has maintained a significant gain of 10.9% over the past week.
Featured image from Wired, chart from TradingView