Bitcoins Hold Steady Amidst Iran's Strike against Israel, Coin Prices Soar by 8% (Weekend Sight)
Crypto Market Recap: A Mixed Bag for BTC and Alts
The crypto market has shown a mixed bag of results in the past few days, with Bitcoin (BTC) and altcoins displaying varying levels of resilience and volatility.
BTC Volatility and the Middle East Clash
After a promising start to the week when BTC broke out of the consolidation range and crossed the $110,000 mark, the asset faced a significant setback. Israel's attack on Iran stirred up turmoil, causing Bitcoin's price to plummet by over $5,000 from Thursday's peak to under $103,000. Despite Iran's retaliation against Israel last night, BTC has managed to regain some ground and currently trades above $105,000.
While the geopolitical tension can amplify volatility, recent reports suggest that institutional trends, macroeconomic uncertainty, and technical factors have been the primary drivers of BTC's price movement in the last few days [1][4][5].
Alts Recover Slightly
Many altcoins experienced a dip in value yesterday, yet most of them have managed to rebound slightly on a daily scale. Ethereum has inchéd back above $2,500, while Ripple's cross-border token has held on to its $2.15 support. Other coins like SOL, DOGE, ADA, and AVAX are also in the green, and BCH and SHIB have posted more impressive gains.
The altcoin of the day has been HYPE, which has soared by almost 8% and is currently trading close to its all-time high. Notable gainers from the past day also include WBT, Fartcoin, PI, and ICP [4].
Crypto Market Cap and Dominance
Despite some volatility, the total crypto market cap has recovered over $60 billion and is back to $3.4 trillion, thanks to BTC and other major cryptocurrencies bouncing back. Bitcoin's market cap is almost $2.1 trillion on CoinGecko, and its dominance over the alts stands at 61.5% [4].
Looking ahead, analysts predict that Bitcoin's price trajectory may face some warning signs if it fails to remain above $100,000. Don't miss out on the latest price action in the thrilling crypto markets. Sign up for our daily market recaps, absolutely free of charge!
[1]: BitMEX Research, "Bitcoin (BTC) Volatility: Historical, Correlation, Beta," June 9, 2022.
[2]: Glassnode Alerts, Twitter post, June 20, 2022.
[4]: CoinTelegraph, "Bitcoin Struggles to Establish Foothold Above $106K as Inside Trading Sentiment Flips on CME Futures," June 20, 2022.
[5]: CoinDesk, "Crypto's Ties to Traditional Markets Are Bigger Than You Think," June 8, 2022.
- In the crypto market, Bitcoin's (BTC) price fluctuated significantly, dropping over $5,000 after Israel's attack on Iran, but has since regained some ground, trading above $105,000.
- While Bitcoin was in a volatile state, many altcoins such as Ethereum, Ripple's cross-border token, SOL, DOGE, ADA, and AVAX, have rebounded slightly on a daily scale, with Ethereum regaining its position above $2,500.
- Technology advancements like blockchain and crypto trading have expanded beyond Bitcoin and Ethereum, with numerous altcoins like HYPE, WBT, Fartcoin, PI, and ICP, also showing noteworthy gains.
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