Bitcoin’s recent price surge has stalled, with the cryptocurrency dipping back toward the $65,000 mark, where it has found some support.
Bitcoin’s Volatility Continues
The digital asset experienced a notable rally earlier in the week, reaching a high of $67,000 on Tuesday morning, its highest point in over a month. This surge followed favorable US Consumer Price Index (CPI) data for June, which had initially propelled Bitcoin to $65,600. However, the upward momentum proved unsustainable.
By Friday, the price had retreated to $62,500 as sellers exerted pressure. Despite this dip, the cryptocurrency recovered over the weekend, climbing back to $64,000. Bitcoin briefly challenged the $65,000 level again on Monday morning before experiencing a more modest retracement to $63,750.
Bulls stepped in at that point, driving Bitcoin upwards once more. However, the cryptocurrency failed to maintain its peak above $67,000, subsequently falling to $65,600 on Wednesday and $65,300 earlier today. The latter price point has provided a floor, and Bitcoin is currently trading just below $66,000.
Bitcoin’s market capitalization has stabilized below $1.320 trillion, with its dominance over altcoins decreasing to 56.5% on CoinGecko.
Altcoin Market Performance
The broader altcoin market has shown mixed performance. While most larger-cap altcoins have traded sideways over the past 24 hours, WLFI has emerged as a significant gainer, experiencing a double-digit increase.
Blockchain Capital’s BCAP has seen a dramatic surge of over 360% in the last 24 hours, reaching $106. CoinGecko reports zero trading volume for BCAP, though its market cap is approaching $1 billion.
Among more established altcoins, WLFI has led the gains, jumping over 11% to $0.063. STABEL has followed suit, while HBAR and UNI have each risen by approximately 4%. Other larger-cap altcoins, including XMR, have seen gains of up to 2%. Conversely, BCH, XLM, CC, and TRX are trading slightly in the red.
The total cryptocurrency market capitalization has remained relatively flat, hovering just above $2.3 trillion on CoinGecko.
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