Over the weekend, Bitcoin's price stabilized around the $115,000 mark after significant volatility earlier in the week. Altcoins are also showing varied performances amid these changes.
Bitcoin Stabilization at $115,000
Throughout the week, Bitcoin faced challenges, starting a downward trend on Monday when its price fell to $115,000. Following an unsuccessful recovery attempt, it quickly dropped to $113,000 by Wednesday and Thursday. On Friday, Bitcoin reached a new local low, dropping below $112,000. However, after Jerome Powell's announcement regarding potential changes in monetary policy, the cryptocurrency rapidly regained its footing.
Powell's Speech and Its Impact on Altcoins
Powell's remarks had a significant impact on the market. Bitcoin rebounded to over $117,000 when he hinted at possible rate cuts expected by September. However, since then, Bitcoin's momentum has cooled off, and as of press time, it trades just below $115,000. Meanwhile, in the wake of this announcement, various altcoins, such as ETH and SOL, have seen substantial price increases.
Overall Trends in the Crypto Market
Despite the gains of some altcoins, the market has overall lost over $40 billion, now standing at $4.060 trillion. Altcoins like OKB made particularly notable gains, soaring by 60%. In contrast, other altcoins like XRP and ADA are experiencing downward trends.
The weekly trading summary shows that Bitcoin has stabilized at $115,000, while some altcoins are demonstrating positive performances as the market continues to adapt to changes in the global economy.
