Bitcoin’s price saw a positive reaction following President Joe Biden’s announcement of quitting the 2024 presidential race, reaching a multi-week high of over $68,000. This surge showcased the volatility in the cryptocurrency market, with altcoins also experiencing fluctuations.
Bitcoin’s Recent Price Volatility
Bitcoin has been through several periods of price volatility in recent weeks. After a failed assassination attempt against Donald Trump, dubbed as the “crypto candidate” for the US presidential post, Bitcoin surged from $58,000 to $65,000 before experiencing a drop of three thousand dollars. The bulls tried to push the price to $66,000, only to be met with resistance and a subsequent drop to $63,500. However, a surge on Friday and Saturday saw Bitcoin reaching around $67,000.
Market Reaction to Biden’s Decision
President Joe Biden’s announcement of ending his 2024 election campaign sent shockwaves through the market. Bitcoin initially dropped by $2,000 but quickly recovered, reaching a six-week high of $68,400. Currently, the asset is trading slightly lower, with a market cap of $1.330 trillion and dominance over the altcoins at 51.7%.
Most altcoins followed Bitcoin’s volatile ride but have since stabilized. Ethereum, TON, SHIB, and BCH are slightly in the red, while BNB, XRP, ADA, TRX, DOT, and LINK have minor gains. Dogecoin and Solana have shown more significant increases, with both assets up by approximately 4-5%. Avalanche’s native token, AVAX, has emerged as the top performer with a 10.5% increase, now trading at $32.
The total crypto market cap has maintained the gains from the weekend and currently stands above $2.550 trillion. This indicates a positive sentiment in the market following the recent developments surrounding Bitcoin and other cryptocurrencies.
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