The price of bitcoin is now experiencing some stability after heavy volatility following last week’s events in the crypto sector.
bitcoin priceB T c) seems to have stabilized as the world’s largest cryptocurrency by market capitalization has recovered from recent volatility. During the past week, bitcoin was volatile, following regulatory issues that plagued the crypto industry and created uncertainty and doubt.
According to CoinMarketCap data, bitcoin is trading at $26,147 after climbing less than 2% over the past 7 days. Last week, King Coin shed over $1,500 after the US Securities and Exchange Commission (seconds, sued on Binance for misconduct. Binance too went after coinbaseThe company was accused of operating as an unregistered national securities exchange.
The Coinbase indictment paved the way for a $2,000 bitcoin price pump, increasing the asset’s volatility. However, this pump was cut short as bitcoin pulled back to $26,500, holding this price for much longer.
Interestingly, King Coin’s volatility was not over, as BTC lost another $1,000 over the weekend. As the weekend progressed, bitcoin started climbing again but failed to reach $26,500.
On the other hand, the dominance of bitcoin tells a different story. Dominance has reached around 50% as investors continuously flock to the property. Dominance is the percentage of the entire crypto market a particular asset controls.
Despite the problems in the crypto market, King Coin’s dominance is reaching a level not seen since April 2021. When dominance is high, investors are more likely to buy.
Interestingly, bitcoin sees more dominance in a bear market. This is mainly because investors prefer to buy BTC during such downtimes to hedge against market volatility. Most crypto investors and community members believe that even in a bear market, bitcoin offers greater stability than altcoins.
Altcoins Price Also Suffers From Volatility But Recovering Along With Bitcoin
As bitcoin is bleeding out, the altcoin market is essentially no different with regards to volatility. In addition to SEC lawsuits, altcoins also suffered after the SEC decided to designate something else as securities. according to secAltcoins such as BNB, MATIC, BUSD, SAND, ADA, SOL, MANA, ATOM, and AXS are also securities.
Binance’s native BNB was trading above $315 last week. However, it fell to $222 yesterday and has only recovered to around $243 since then. While many other altcoins also fell, the coin has started to recover. For example, ETH, DOGE, ADA, MATIC and SOL all saw gains. In the last day, XRP also climbed almost 8%. Others like LTC, TRX, AVAX and DOT have all seen gains of up to 4%.
According to CoinMarketCap data, SUI is one of the biggest climbers, surging up to 6% in the past 24 hours.
It is unclear whether the near future will be good for bitcoin. Over the past few weeks, BTC has faced selling pressure and remains some distance away from its 2023 high of $31,000. The recent suspension of the US debt ceiling may also have an yet-to-be-known effect on bitcoin as investors patiently await the outcome of the June 14 Federal Open Market Committee (FOMC) meeting.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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