Ripple (XRP) Soars Double Digits, Bitcoin (BTC) Calms at $57,000 (Market Watch)

The price of Bitcoin has finally calmed down around $57,000 after the high volatility the asset experienced since last Friday.

Ethereum has turned red, while Ripple’s native token has soared in the double digits following the latest development before the US SEC.

BTC calms at $57,000

It’s safe to say that bitcoin had to endure one of its worst crashes in recent history over the last week or so. It all started on Friday when it dropped from $66,000 to $62,200 after economic uncertainty on American and Japanese soil.

The picture worsened over the weekend when BTC fell to $57,000, but culminated in a massive price drop to $49,500 on Monday. This became BTC’s lowest price position since mid-February.

The bulls finally woke up at this point and did not allow any further decline despite fears about a possible drop to $40,000. Instead, bitcoin went on the offensive and jumped to $53,000 on Tuesday. It continued to regain traction over the next 48 hours and now stands at just over $57,000.

That means its market capitalization is close to $1.13 trillion, while its dominance of altcoins has approached 54%, the highest in more than a year.

Bitcoin/Price/Chart 08.08.2024. Source: TradingView XRP in motion

The biggest news of the last 24 hours involved Ripple. The company, which has been in a court battle against the US SEC for more than three and a half years, was fined $125 million (much less than the regulator initially wanted). This was seen as a positive development for the XRP community and the native token soared over 20% at one point to over $0.6.

The other big winner among the larger-cap alternatives is Toncoin, amid positive news from Binance. TON is up nearly 10%, bringing it to $6.3.

Instead, ETH and BNB have turned red. SHIB, AVAX and LINK are also down 3-4% in a day.

The total crypto market capitalization has stayed relatively where it was yesterday at $2.1 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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