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Bitcoin Stabilizes at $26K While Altcoins Turn Green
After a period of enhanced volatility, Bitcoin has finally stabilized and stands relatively stable at $26,000. Altcoins have turned green on a daily basis and BNB has recovered 5% since yesterday’s multi-month low.
BTC Back at $26K
Last week was highly volatile for the primary cryptocurrency. The SEC sued Binance and BTC dropped by over $1,500 on Monday. On Tuesday, when the regulator went after Coinbase, BTC took another slight dip to a multi-month low of under $25,400. However, it rebounded in the following hours and shot up by $2,000 before returning to around $26,500. It remained relatively stable for the rest of the week until it dropped back down to $25,500 over the weekend. It tried to recover on Monday but was halted at $26,200. In the past 24 hours, BTC has been trading at around $26,000.
Despite the fluctuation, BTC’s market capitalization has managed to increase to over $500 billion, while its dominance over altcoins stands still at just under 48%.
Alts Turn Green
Most altcoins suffered more than BTC during last week’s market turmoil. Binance Coin is a prime example as it dropped to a six-month low of $222. However, BNB is now up 5% on a daily scale and trades at $235. The rest of the larger-cap altcoins, such as Ethereum, Cardano, Dogecoin, Solana, and Polygon, have jumped up to 2% in the past day. XRP, TRX, LTC, DOT, AVAX, and SHIB have also added over 3%. The likes of UNI, ICP, HBAR, FIL, ARB, and ALGO have seen impressive gains of 5% or more. SUI has shot up the most from the lower-cap altcoins, having soared by over 15% in the past day. In total, the crypto market capitalization has recovered $10 billion in a day and has gone up to $1.060 trillion.
