Bitcoin’s price action this week has been a wild ride. After dipping to its lowest point in ten days, the leading cryptocurrency experienced a dramatic surge of nearly $5,000 in a single day. However, it was unable to maintain that momentum. Meanwhile, altcoins, which typically follow Bitcoin’s trends, also faced a rough week initially. But after yesterday’s price corrections, most altcoins are now showing signs of recovery.
Bitcoin Price Targets $68K
This week, Bitcoin took investors on a rollercoaster ride, showcasing the cryptocurrency’s characteristic volatility. It all began on Monday, when, after failing to conquer the $71,000 resistance on Sunday, Bitcoin took a tumble of $2,000. A brief bounce back to $70,000 on Tuesday was quickly squashed by the “bears” (investors expecting a price decline), triggering a steeper drop to $66,000.
The pressure intensified in the following hours, pushing Bitcoin to a ten-day low of around $64,500. This coincided with news that the US government planned to transfer 2,000 confiscated BTC from Silk Road to Coinbase. Fears surrounding this potential sale fueled a significant price decline.
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However, Bitcoin showed surprising resilience, bouncing back with a surge of nearly $5,000 in a single day, reaching just over $69,000. Unfortunately, this euphoria was short-lived, with the price dropping back to $66,000 on Sunday. As of today, April 8th, Bitcoin is hovering around $68,000, thanks to a renewed push from the “bulls” (investors expecting a price increase). Its market capitalization has climbed to a staggering $1.340 trillion, while it maintains its dominance over altcoins with a market share of 50.3%.
Altcoins Recover as DOGE Soars 5%
This week has been a tale of two halves for altcoins. While most experienced price drops in the wake of Bitcoin’s volatile swings, they’ve managed to claw their way back into positive territory. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT) have all seen modest gains of 1-2% in the past 24 hours. However, the real story lies with the more impressive surges of Toncoin (TON) and Avalanche (AVAX).
TON has skyrocketed by 4%, surpassing the $5.3 mark, while AVAX is up a solid 2.7%, currently trading above $46. But the undisputed champion among larger-cap altcoins this week is Dogecoin (DOGE). DOGE defied the trend with a remarkable 5% jump, reclaiming the $0.18 level. NEAR Protocol (NEAR) and Stacks (STX) also deserve a shoutout for their notable gains exceeding 5%. This overall positive sentiment has boosted the total crypto market cap by a significant $30 billion since yesterday, reaching $2.665 trillion on CoinGecko.
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