Altcoins
Bitcoin (BTC) Price Rebounds to $67,000 with Mining Stocks HIVE, WULF and CAN Rallying; XRP leads Altcoins
The digital asset market saw a rapid reversal on Monday with bitcoin (BTC) delete a early decline to almost $65,000 and returning to the $67,000 level for the period in three days.
The $65,000 area was the same level from which Bitcoin rebounded last Friday. big upheaval. At press time, it was trading at $66,800, up 0.9% in the past 24 hours.
Most altcoins have also rebounded, but lag behind BTC on the daily time frame. Ether (ETH) was still in the red with a decline of 0.7% during the same period, while dogecoin (DOGE)Shiba Inu (SHIB) and tokens native to Avalanche Layer 1 networks (AVAX) and nearby (CLOSE) were down 2 to 5%.
Ripple’s XRP (XRP) has outperformed most crypto majors with its 5% daily gain and has recently been the only cryptocurrency – aside from BTC – in the large-scale crypto benchmark. CoinDesk 20 Index with positive daily performance. Several smaller, publicly traded bitcoin miners posted double-digit gains. Hive Digital Technologies (HIVE), TeraWulf (WULF), Canaan (CAN) rose 10-20% during the day, while large-cap mining companies Marathon Digital (MARA) and Riot Platforms (RIOT) rose of 4 %.
Moving away from traditional markets, the tech-heavy S&P 500 and Nasdaq 100 continued their climb to new all-time highs and rose 0.9% and 1.2%, respectively.
Bitcoin has fluctuated sideways in a narrow range below its record prices since March, eliminating excess leverage in liquidation cascades and surely causing some impatience from market participants, especially the “numbers” crowd. which are increasing. Underscoring the boring price action, bitcoin’s 30-day realized volatility has fallen to levels near its all-time low, Alex Thorn, head of research at digital asset investment firm Galaxy, pointed out in a communicated. Message.
Derivatives trading network Paradigm said the crypto market is “losing momentum” due to the lack of catalysts to get traders into action. “Despite the positive forecasts circulating, a new market needs real news to move forward and maintain traction,” he said in a Telegram update earlier today.
Trader and market analyst Bob Loukas, however, tempered short-term expectations, noting that BTC is “clearly” in its decline phase of its daily cycle and could return to the lower $60,000 zone ahead of a more sustainable uptrend.