BTC Recovers From a Dip to $62K, XRP’s Decline Continues With Another 6% Drop (Market Watch)

Bitcoin faced a ton of volatility yesterday as it dumped from nearly $67,000 to a 16-day low of $62,200 before it bounced off by more than three grand.

The altcoins saw similar fluctuations, but most have remained in the red on a daily scale, with XRP, KAS, DOGE, SOL, and TON leading the pack.

BTC’s Volatile Ride

The business week started on a high note for the largest cryptocurrency as it pumped to $70,000 for the first time in seven weeks after the volatile weekend in which Donald Trump spoke at the 2024 Bitcoin Conference in Nashville.

However, the asset failed to keep its momentum going, and the subsequent rejection pushed it south hard. By Wednesday, BTC had lost around four grand and stood at $66,000. It managed to challenge $67,000 on Thursday, but that was short-lived, and the bears resumed control of the market.

They pushed it south first to $63,500 before another leg down transpired that drove it to its lowest position since July 15 of $62,200. The volatile ride continued in the opposite direction as BTC spiked to $65,600 within hours before heading south once again and returning to just over $64,000 as of now.

The liquidations have skyrocketed to $256 million on a daily scale as of now. Still, BTC’s market cap has managed to defend the $1.270 trillion level, while its dominance over the alts is back on the offensive and is up to 52.9%.

XRP’s Decline Keeps Rolling

Ripple’s native token was at the forefront of the recent market gains and it managed to tap a multi-month peak earlier this week at $0.66. However, XRP has failed to keep its run going and has retraced by 14% since then. The asset is down by 6% in the past 24 hours alone.

Most other larger-cap alts are also in the red. SOL, DOGE, TON, BCH, LINK, and SHIB have all dropped by 3-5% within the past day.

As such, the total crypto market cap has shed about $50 billion overnight and is down to just under $2.4 trillion on CG.