Bitcoin’s price volatility within the $62,000-$64,000 range returned in the past 24 hours as the asset challenged both boundaries, only to be stopped twice.
Most larger-cap alts are slightly in the green today, led by ADA’s more impressive 5.5% surge. AVAX, DOT, and HYPE follow suit.
BTC Rebounds to $64K
The previous business week was quite eventful for all financial markets, including BTC. Ahead of the Wednesday conclusion of the Fed FOMC meeting, the cryptocurrency was rejected at $65,600 and dipped below $63,000. Once it became known that the central bank won’t change the rates, which was not as certain as it was for six years, bitcoin’s volatility continued.
Another dip followed, before it rocketed to over $65,000 on Friday when it was rejected once again. This time, it dived to $62,400 on Friday and $62,200 on Saturday. The bulls reemerged on Sunday morning after US President Donald Trump canceled the planned strikes against Iran.
However, the brief surge to $63,800 couldn’t spark a more profound recovery, and BTC quickly dipped back down to $62,200 on Monday. Perhaps the positive net flows into the spot Bitcoin ETFs resurrected the cryptocurrency, and it jumped to $64,000 within hours. It tapped $64,200 earlier today but was halted again and now sits almost a grand lower.
Its market capitalization has rebounded to $1.275 trillion on CG, while its dominance over the alts remains inches below 57%.
BTCUSD Aug 4. Source: TradingView
BEAT Keeps Diving
Audiera (BEAT) continues to be the most volatile top 100 alt. After a few days of charting double-digit gains, it was rejected yesterday and has slumped by 20% on a 24-hour scale to well under $3. UNI, STABLE, and CC follow suit in terms of daily losses, but are a lot less painful.
In contrast, ADA, AVAX, and DOT have all charted gains of more than 5% daily. Cardano’s native token has defied the overall market sluggishness lately, jumping to a multi-month peak at almost $0.20.
ETH, SOL, BNB, DOGE, and XMR have marked increases of around 1%, while HYPE (4%) and ZEC (2.5%) have jumped slightly more.
The total crypto market cap has recovered $40 billion since yesterday’s low and is up to $2.240 trillion on CG.
Cryptocurrency Market Overview Aug 4. Source: QuantifyCrypto
