After several days of intense volatility, Bitcoin (BTC) has finally settled around its familiar price of $26,000. The cryptocurrency experienced significant fluctuations, including a pump and dump of over $2,500 in each direction. However, it has now calmed down on a daily scale.
Most altcoins have also become less volatile, with a few exceptions. One notable altcoin is UNI, which has seen substantial increases in the past day. Overall, the cryptocurrency market is stabilizing after a period of intense price swings.
The recent stabilization of BTC can be attributed to the victory of Grayscale in its legal battle against the SEC. This legal win allows Grayscale to potentially convert its GBTC into a spot Bitcoin ETF. The news prompted an immediate uptick in the price of Bitcoin, pushing it above $26,000 and reaching a multi-week high of over $28,000.
However, the rally was short-lived, and Bitcoin retraced its gains within 24 hours. The price of BTC took another hit on Thursday and Friday, dropping by more than $1,500 and reaching an 11-week low of $25,350 on several exchanges.
Despite the volatility, Bitcoin has managed to bounce back and is currently trading close to $26,000. Its market cap stands at $505 billion, and it has a dominance over other cryptocurrencies of 48.4%.
In terms of altcoins, the majority of them followed Bitcoin’s pump and dump pattern but have since stabilized. Ethereum (ETH), XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC have seen minor gains, while BNB, SOL, and SHIB are slightly in the red. Among the larger-cap altcoins, Uniswap’s native token (UNI) has experienced the most significant increase, with a 3% jump. On a weekly scale, TONCOIN, IOTA, and XDC have been the best performers, with gains of over 25%, 13%, and 12% respectively.
The total market capitalization of the cryptocurrency market remains relatively stable at under $1.050 trillion.
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