Bitcoin price back to $68,000, Solana rises to 2-month high above $185 (weekend watch)

The major cryptocurrency reacted well to the mid-week price drop to below $63,500 and topped $68,000 earlier today.

Most altcoins are also slightly in the green, apart from XMR and MKR, which have declined by about 3-4% daily.

BTC hits $68,000

Last Friday was quite an eventful one for the biggest digital asset as it went from below $63,500 to $67,000 in hours. More volatility came over the weekend when current US President Joe Biden said he would not run for re-election despite his ongoing campaign.

BTC dropped $2,000 immediately, but went on the offensive Sunday evening and Monday. As such, it hit a 6-week high of over $68,400.

Bears quickly intercepted the move and did not allow further gains. Just the opposite, the asset started to lose traction and fell sharply on Thursday to a weekly low of $63,400.

However, the bulls came out of the woods at that point and fueled a notable price rally on Friday that culminated early today with another topping $68,000, despite growing flows into the exchanges.

Although bitcoin has fallen around this level now and has not been able to conquer it decisively, its market capitalization has risen to $1.340 trillion, while its dominance over the highs is close to of 53%.

Bitcoin/Price/Chart 07/27/2024. Source: TradingView ONLY sees monthly spikes

While spot Ethereum ETFs have seen massive outflows in their first few days of trading, the price of the underlying asset managed to regain some ground after falling to $3,000 earlier this week. As of now, ETH is hovering around $3,300.

BNB, ADA, AVAX, TRX, SHIB and LINK are also slightly in the green on a daily basis. Solana and Dogecoin have posted even more impressive gains (5% and 3.5% respectively), helping the former reach a 2-month high of over $185.

The largest increases among the 36 largest digital assets came from APT, KAS, RNDR and FIL. In contrast, XMR and MKR are down 3-4%.

The total crypto market capitalization has gained about $30 billion overnight and is approaching $2.55 trillion in CG.

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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