Bitcoin price has finally calmed down around $57,000 after the massive volatility the asset has seen since last Friday.
Ethereum has turned red again, while Ripple’s native token has climbed double digits following the latest development on the front against the US SEC.
BTC calms down at $57,000
It’s safe to say that Bitcoin has had to endure one of the worst drops in its recent history over the past week. It all started on Friday, when Bitcoin prices dropped from $66,000 to $62,200 amid economic uncertainty in the US and Japan.
Things got worse over the weekend, when BTC slid to $57,000, but peaked on Monday with a massive price drop to $49,500. This is the lowest BTC price has been since mid-February.
The bulls finally woke up at this point and did not allow any further declines despite fears of a potential drop to $40,000. Instead, bitcoin went on the offensive and surged to $53,000 on Tuesday. It continued to regain ground in the next 48 hours and now sits just over $57,000.
This means its market capitalization stands at nearly $1.13 trillion, while its dominance over altcoins is around 54%, the highest level in over a year.
XRP on the move
The biggest news of the last 24 hours has been about Ripple. The company, which has been in a lawsuit against the US SEC for over three and a half years, was fined $125 million (much less than the regulator initially wanted). This was seen as a positive development for the XRP community, and the native token spiked over 20% at one point to over $0.6.
The other big winner among the larger-cap altcoins is Toncoin, thanks to positive news from Binance. TON is up nearly 10%, pushing it to $6.3.
On the other hand, ETH and BNB have turned red. SHIB, AVAX and LINK are also down around 3-4% in a day.
The total cryptocurrency market capitalization remained relatively unchanged from yesterday at $2.1 trillion.
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