Bitcoin has had a turbulent week, with significant price swings keeping investors on edge. The cryptocurrency endured a rollercoaster of volatility, with its value plummeting in a matter of hours before staging a strong recovery.
Bitcoin price fell from $66,000 to a low of $49,800 on Monday, only to recovery mid weekand reached a peak of $62,300. By the end of the week, Bitcoin had stabilized with a strong support level of $60,000. Notably, Bitcoin has outperformed most altcoins during this volatility, cementing its dominance in the cryptocurrency market.
Bitcoin is gaining market dominance
According to on-chain analytics platform HolyLast week was the most volatile week the crypto industry has seen since the FTX crash two years ago. Many altcoins plummeted in value, effectively wiping out the price gains that had pushed the bulls higher over the past month.
For example, Ethereum, the largest altcoin, saw its value drop to $2,300 for the first time in over six months. While many altcoins struggled to recover from the broader market decline, Bitcoin’s resilience not only helped it regain lost ground but also increased its market share, further cementing its position as the leading cryptocurrency.
A revival of bullish momentum drove Bitcoin back above $60,000 in a swift recovery just three days after the price dropped below $50,000.
At the time of writing, Bitcoin is trading at $61,300 with a market cap of $1.2 trillion, up 1% over the past 24 hours. As such, 56.2% of the total crypto market cap is currently held by Bitcoin. According to data from CoinMarketCap, this is the highest level of Bitcoin’s market dominance since the peak of the 2021 bull market.
Altcoin Overview
While many altcoins have started to recover from last week’s significant losses, their recovery efforts have not been as pronounced as Bitcoin’s. XRP is a notable exception. Altcoin gains are currently led by XRP, which is a response to a recent ruling in the lawsuit between Ripple and the US SEC.
This legal development caused a positive response and pushed the price of XRP to $0.6372 on August 7. While XRP has undergone a mild correction since then and is now trading at $0.5923, it has managed to maintain an impressive 7.78% gain over the past week.
Toncoin (TON) also saw gains over the weekend after it was listed on the Binance cryptocurrency exchange. This significant event led to an increase in TON’s price up by more than 13% in 24 hours. According to the latest data, Toncoin is trading at $6.62 and has made a substantial gain of 10.9% in the past week.
Main image from Wired, chart from TradingView