BTC Recovers From Drop To $62,000, XRP Drop Continues With Another 6% Drop (Market Watch)

Bitcoin faced a lot of volatility yesterday as it dropped from almost $67,000 to a 16-day low of $62,200 before bouncing back over three thousand.

Altcoins experienced similar fluctuations, but most have remained in the red on a daily basis, with XRP, KAS, DOGE, SOL, and TON leading the pack.

Volatile BTC Ride

The trading week started on a positive note for the biggest cryptocurrency as it hit $70,000 for the first time in seven weeks after a volatile weekend in which Donald Trump spoke at the 2024 Bitcoin Conference in Nashville.

However, the asset could not sustain its momentum, and the subsequent rejection pushed it hard to the south. On Wednesday, BTC had lost about four thousand and stood at $66,000. It managed to challenge $67,000 on Thursday, but that was short-lived and the bears regained control of the market.

They first pushed it south to $63,500 before another stage occurred that took it to its lowest position since July 15 at $62,200. The volatile ride continued in the opposite direction as BTC surged to $65,600 within hours before heading back south and back to just over $64,000 as of now.

Liquidations have soared to $256 million on a daily basis as of now. Still, BTC’s market cap has managed to defend the $1.270 trillion level, while its dominance over the highs is back on the offensive, reaching 52.9%.

Bitcoin/Price/Chart 02.08.2024. Source: TradingView XRP’s decline continues

Ripple’s native token was at the forefront of recent market gains, hitting a multi-month high earlier this week at $0.66. However, XRP has been unable to sustain its run and has retreated 14% since then. The asset is down 6% in the last 24 hours alone.

Most other larger caps alternatives are also in red. SOL, DOGE, TON, BCH, LINK and SHIB are all down 3-5% in the last day.

As such, the total crypto market cap has lost around $50 billion overnight and is down to just under $2.4 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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