Bitcoin’s price actions were quite bearish for the past few days once again as the asset fell to $62,300 yesterday but managed to regain almost two grand since then.
The altcoins have also turned green today, with ETH jumping above $3,300 and SOL reclaiming the $140 level.
It was just over a week ago when BTC went through its fourth halving, slashing the block rewards by half for the miners. At the time, the asset’s price had experienced tons of volatility amid the escalating tension between Iran and Israel.
After a massive drop to under $59,500, the cryptocurrency jumped by more than five grand and went above $65,000 last weekend. It kept climbing in the first few days of the business week and spiked above $67,000 on a couple of occasions.
However, that was short-lived, and the bears quickly reversed its trajectory. Wednesday was particularly painful as bitcoin dumped to $62,800. It bounced off to $65,000 on Thursday but was driven south once again, dropping to $62,400 on Saturday.
Nevertheless, the bulls have managed to intervene, and BTC now trades close to $64,000. Its market capitalization has neared $1.260 trillion, but its dominance over the alts has been reduced to 50.1%.
The declining BTC dominance metric means that most alts have outperformed the largest cryptocurrency. Ethereum is a prime example. The largest altcoin is up by more than 6% in the past 24 hours and trades above $3,300. Solana and Toncoin have charted similar gains that have pushed them to $143 and $5.5, respectively.
Further daily increases are evident from MATIC, NEAR, ICP, ETC, ARB, IMX, and MKR.
The total crypto market cap, which had declined by over $150 billion in just a few days by Saturday, is now above $2.5 trillion, having gained $60 billion overnight.
