The past week was marked by significant changes in the cryptocurrency market. Major fluctuations affected Bitcoin's price and altcoins like XRP, while important events took center stage.
Bitcoin Volatility
This week, Bitcoin started with a sharp decline, dropping below $90,000 for the first time since November. However, the price rebounded by $7,000 the next day, partially recovering the losses. Following the release of the US CPI data, Bitcoin continued its upward trajectory, exceeding the $100,000 mark by the end of the week.
Altcoin Records
XRP turned losses into gains, reaching $3.39, nearing its 2018 all-time high. Other altcoins such as DOGE, SOL, ADA, and others also experienced double-digit growth. The market as a whole was in a favorable position, as shown in the graph.
Key Events of the Week
Among the key events: Tether's headquarters relocated to El Salvador after acquiring a DASP license. Italy's largest bank, Intesa Sanpaolo, made a historic Bitcoin purchase over €1 million. Government acts influencing altcoin trades also played their part.
The week brought new highs for the cryptocurrency market and showed increased activity associated with Bitcoin's price volatility and significant movements among altcoins. This is expected to lead to further market changes in the coming days.
