Bitcoin’s price increase that began earlier this week has halted over the past 24 hours, stabilizing around $58,000. Several altcoins have seen minor gains in the past day, including Solana, Chainlink, and Avalanche.
### BTC Calms at $58K
The past week has shown how quickly the cryptocurrency markets can change, this time trending upward. Last Friday, BTC dropped sharply to under $53,000, hitting a monthly low. However, the bulls stepped in to prevent further declines. The asset regained some ground over the weekend and surged on Monday, adding more than four grand within 24 hours, reaching over $58,000. Although it initially failed to maintain that level, it rebounded after the release of the CPI numbers on Wednesday, briefly dipping to $55,600 before recovering to $58,500, marking a weekly high. Currently, BTC stands around $58,000, with its market cap just under $1.150 trillion and its dominance over altcoins slightly below 54%.
### XRP on a Roll
One of the most bullish updates for an individual altcoin yesterday came from the crypto asset manager, Grayscale, which announced the launch of its latest Trust focusing on Ripple’s native token, XRP. XRP reacted immediately, with its price surging from under $0.54 to over $0.58. Despite losing some ground since then, the asset is still up 6% on the day. SOL, AVAX, LINK, DOGE, and TON have also seen impressive gains, while ETH, SHIB, and LTC have minor increases. On the other hand, TRX, BNB, and BCH have declined by 1-2%. Larger-cap altcoins like KAS, AAVE, STX, and IMX have also experienced some losses. Consequently, the total crypto market cap has dropped slightly to $2.130 trillion.
Follow us on Twitter for more updates!
