Bitcoin’s Price Fluctuates, Altcoins Show Mixed Recovery

Even though Bitcoin’s price has recovered a few hundred dollars since yesterday, it remains unstable at around $26,000.

The majority of alternative cryptocurrencies have finally turned green, albeit in a very modest manner, with XRP sustaining the $0.5 line.

After a lackluster price performance the previous week, BTC headed north on Monday and reached $29,700.

This occurred one day before the launch of the first spot BTC ETF on Euronext Amsterdam. On the surface, this appears to be favorable news, but by Thursday, the cryptocurrency had dropped below $29,000.

The following days, rumors that Elon Musk’s SpaceX had sold its remaining bitcoins exacerbated the situation. The asset’s instantaneous price decline brought it to a new two-month low of $25,300.

It rebounded relatively quickly and surpassed $26,000 on the same day. Yesterday, however, it slid back below it.

Currently, bitcoin trades for approximately $26,000, following a minor daily increase. However, its market capitalization is still below $510 billion, and its dominance over altcoins is fixed at 48.1%, according to CMC.

Most alternative coins followed Bitcoin on its downward trajectory, with massive price declines, sometimes in the double digits. Most have attempted to regain ground since then, albeit ineffectively.

Ethereum, for instance, fell from over $1,850 to approximately $1,600, marking its multi-month low. Currently, however, ETH is just above $1,650.

On a daily scale, most large-cap alternatives are also in the green. Among them are BNB, XRP, ADA, DOGE, and SOL. XRP has been able to defend the $0.5 level.

While the rest of the market suffers weekly losses, ThorChain’s RUNE has gained over 30%, making it the most outstanding performer among the top 100 altcoins.

An 11% increase over the past day has brought the price to $1.75.

CMC reports that the total crypto market valuation has recovered a portion of the previous week’s losses and is now just over $1.05 trillion.