Hold on and rise again
In the past few days, the price of Bitcoin fell below the level of $66,000, which made many doubt the currency’s ability to withstand and return to rising again.
But only hours passed until the price of Bitcoin rebounded and rose again above the level of $66,000, which contributed positively to raising the prices of most alternative digital currencies.
Bitcoin (BTC) Performance:
The leading cryptocurrency fell significantly last weekend, falling from over $67,000 to $65,000 within hours on Friday.
Over the weekend, the cryptocurrency recovered slightly and spent most of the time trading sideways near the $66,000 level.
On Monday, Bitcoin suffered a further decline to $65,000, then rose again to reach $67,200.
However, the coin failed to maintain this level and fell back to $64,000 on several occasions, providing an opportunity for some whales to re-enter the market amid increasing outflows from Bitcoin ETFs.
Yesterday, despite the halt of trading on Wall Street due to an American national holiday, Bitcoin regained part of its gains.
Earlier today, Bitcoin witnessed a slight rise to approximately $66,000, but the price of the currency fluctuates around this level, rising and falling by a few dollars.
In recent days, volatility in Bitcoin's price has been very weak, keeping its market value near $1.3 trillion.
Bitcoin's dominance over altcoins also declined slightly to 51.4%.
TON, NEAR, and RNDR were the top cryptocurrencies to gain, but the biggest gainer was Fetch.ai's FET token, which rose 30% to over $1.7.
Overall, the total market value of cryptocurrencies has recovered about $50 billion since its mid-week low, now exceeding $2.5 trillion according to the CoinGecko platform.
