BTC Price Rebounds After Hitting 6-Week High, AVAX Soars 11% Daily (Market Watch)

Bitcoin price reacted positively following President Joe Biden’s decision to drop out of the 2024 presidential race, hitting a multi-week high of over $68,000.

Altcoins were also quite volatile after the announcement, but AVAX has emerged as the best performer on a daily basis.

BTC’s wild weekend

The mainstream cryptocurrency has gone through some wild periods of price volatility in recent weeks, and the past ten days have been no exception. It soared from $58,000 to $65,000 in the days following the failed assassination attempt against the so-called crypto-candidate for the US presidential office, Donald Trump, before plunging by three thousand last Tuesday.

The bulls went back on the offensive, took advantage of $66,000, but stalled and bitcoin fell to $63,500 in hours once again on Friday.

Another surge followed on Friday evening and Saturday morning, bringing the cryptocurrency to around $67,000. Incumbent US President Joe Biden ended his 2024 election campaign on Sunday, sending another shock wave into the market.

This time, BTC plunged by $2,000 immediately after the news, before jumping several thousand to hit a six-week high of $68,400 (on Bitstamp).

As of now, however, the asset is trading roughly at a much lower level, with its market capitalization set at $1.330 trillion. His dominance over the highs has increased to 51.7% in CG.

Bitcoin/Price/Chart 07/22/2024. Source: TradingView AVAX works for free

Most altcoins followed BTC during last night’s volatile ride, but have now settled. ETH, TON, SHIB and BCH are slightly in the red, while BNB, XRP, ADA, TRX DOT and LINK have minor gains.

Dogecoin and Solana have seen more impressive increases in the last day. Both assets are up around 4-5%, with DOGE near $0.14, while SOL is near $180.

However, Avalanche’s native token has become the top earner today. AVAX is up 10.5% and is now trading at $32.

The total crypto market cap has held on to weekend gains and is now over $2.550 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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