Bitcoin was trading at more than $62,000 per coin at a specific point yesterday, yet it has fallen below this important psychological level today, demonstrating extreme market fluctuation. Changpeng Zhao believes that DOT, AVAX, and SOL have performed better than Bitcoin (BTC) and other popular digital assets.
Bitcoin Resists at $62,000 macht
It has not been a good week for the primary cryptocurrency as it reached a high of $64,000 and was surrounded by a very quiet weekend.
However, the bears did not waste much time in whipping up a reversal, even to lower the Bitcoin to several thousand dollars less than what it was – reaching a low of around $58,400 before the weekend.
Bulls stepped back into the fray, preventing any further drops, while Bitcoin climbed back up to regain the $60K region and breach $62K by Wednesday.
The Bitcoin price initially declined, resulting in a breakout behind ascending resistance and a bounce to $64,200, only to falter again and retrace back to $61,500 as we speak.
It was only a few months ago that we wrote about Bitcoin’s market capitalization being just above. It controls more than 50% of the market capitalization, standing at over $1.2 trillion at the time of this writing, despite having control over its altcoins.
AVAX, DOT, SOL Surge Amidst Market Rally
In this case, VanEck’s filing to launch the first Solana ETF could be attributed to the initial SOL price spike that saw it briefly touching $150 after weeks of being stuck there. Despite the retracement, SOL only posted a gain of 7% for the day.
We see that the prices of most tokens are up today: Avalanche (AVAX) spiked over 9% to trade above $28, while Polkadot (DOT) rose over 8 % to trade above $6.
The percentage of larger-cap alts that have registered small price movements, with FET and TRX being among the exceptions, is declining in value.
The total market capitalization in crypto skyrocketed overnight, adding $40 billion. That took the total cryptocurrency market capitalization to over $2.4 billion.
