Bitcoin’s price had been on a downward trend in recent days, dropping to $62,300 yesterday. However, it has rebounded, recovering nearly $2,000 since then.
Altcoins are also showing positive movement, with Ethereum (ETH) climbing above $3,300 and Solana (SOL) retaking the $140 mark.
BTC Challenges $64K
Just over a week ago, Bitcoin underwent its fourth halving, reducing block rewards for miners by half. This event occurred amidst heightened geopolitical tension between Iran and Israel, leading to considerable price volatility for Bitcoin.
After a steep drop to below $59,500, Bitcoin rebounded, climbing more than $5,000 to exceed $65,000 last weekend. It continued to rise at the beginning of the business week, even surpassing $67,000 on a few occasions.
However, this upward momentum was short-lived, as bearish pressure caused Bitcoin’s trajectory to shift downward. Wednesday was particularly rough, with the cryptocurrency tumbling to $62,800. It briefly recovered to $65,000 on Thursday, but the downward trend resumed, with Bitcoin hitting $62,400 on Saturday.
Despite this, the bulls have managed to regain some control, pushing Bitcoin’s price to near $64,000. Its market capitalization is now approaching $1.26 trillion, but Bitcoin’s dominance over altcoins has decreased to 50.1%.
The declining BTC dominance metric indicates that most altcoins are outperforming Bitcoin. Ethereum serves as a notable example, with the largest altcoin gaining over 6% in the past 24 hours to trade above $3,300. Similarly, Solana and Toncoin have seen comparable gains, reaching $143 and $5.5, respectively.
Other altcoins with daily price increases include MATIC, NEAR, ICP, ETC, ARB, IMX, and MKR.
The total cryptocurrency market capitalization, which fell by over $150 billion in a matter of days leading up to Saturday, has now risen above $2.5 trillion, gaining $60 billion overnight.