Market Overview
Bitcoin's price experienced volatility, dipping below $100,000 recently but seeing bulls intervene to prevent a further breakdown. Many altcoins have shown more impressive rebounds, with ETH nearing $3,500 and XRP surpassing $2.30.
BTC Bounces Above $102K
The business week started negatively for Bitcoin. After reaching $111,000 last Sunday, bears took control on Monday, causing the asset to slip to $104,000. A brief recovery attempt failed, and on Tuesday, Bitcoin began losing value again, eventually dropping below $100,000 for the first time since June, with a low of just under $99,000.
In the following days, Bitcoin bounced back but was stopped at $104,000 on Wednesday. The bearish sentiment persisted, and BTC dipped into five-digit territory again on Friday. This time, bulls stepped in before Bitcoin could fall to $99,000. The asset recovered to $104,000 on Friday evening but has since seen a slight decrease, currently trading about $1,500 lower.
Bitcoin's market capitalization has rebounded to nearly $2.050 trillion, and its dominance over altcoins has decreased from 58.2% to 57.6% in the past day.
FIL on the Rise
The declining Bitcoin dominance indicates that many altcoins have outperformed it. Filecoin (FIL) is a notable leader, experiencing a significant 50% surge that pushed its price above $3.30. On a weekly basis, FIL has gained over 110%.
NEAR has also seen a substantial pump of 22%. RENDER, VET, DOT, UNI, LTC, and WLD are also among the double-digit price gainers.
Many larger-cap altcoins have also shown impressive increases. Ethereum (ETH) is up by 5% and nearing $3,450, while XRP has reclaimed $2.30 with a 5.6% pump. BNB is trading close to $1,000, and DOGE has surged by over 9%. ADA, LINK, SUI, XLM, and AVAX are also trading in positive territory.
The total cryptocurrency market capitalization has recovered more than $100 billion in the last day, reaching $3.550 trillion.
