The cryptocurrency market exhibited notable fluctuations over the weekend, with Bitcoin showing significant recovery after a recent drop. Altcoins are also active, particularly Cronos reaching new heights.
Bitcoin's Recovery
After hitting a record high on July 14, Bitcoin underwent a correction period. The activity decreased, and by Friday, its price plummeted to $114,500 due to selling pressure from Galaxy Digital, which sold off 80,000 BTC valued at over $9 billion. However, after this sell-off, Bitcoin started to recover, climbing to a price of $118,400, regaining $4,000.
Altcoin Performance
Today, most altcoins are showing minor gains, but some are achieving significant milestones. Ethereum jumped to $3,800 after a 1-2% increase. Ripple has jumped to $3.2. Cronos and BCH have risen by 5-6%, with Cronos reaching a six-month high of $0.14. Meanwhile, SUI has shown impressive growth of 6%, surpassing the $4.2 mark.
Cryptocurrency Market Overview
The total cryptocurrency market capitalization increased by $30 billion, reaching $3.970 trillion. Currently, this reflects a significant recovery from the multi-week low of under $3.870 trillion recorded last week.
The rise of Bitcoin and certain altcoins indicates recovery and potential strengthening of positions in the cryptocurrency market following recent downturns. Such trends may suggest a return of confidence among investors.
