Bitcoin touched below $29,000 recently to record monthly lows but managed to bounce back and is now above that level.
Altcoins have also experienced a decline in price in the last few days, but some altcoins, such as DOGE and XRP, have posted some small gains today. Last week was a relatively quiet week, where these major crypto markets were in a tight range around $30,000. The weekend was also similar, and only on Sunday did this asset finally try for a breakout.
This rise took BTC above $30,300, but turned out to be a false breakout. Soon, BTC started to lose ground and went back down to $30,000. However, the worst was yet to come as bitcoin continued to plunge by a thousand dollars to below $29,000. This is the lowest price in over a month. Since then, BTC has managed to recover a bit and is now several hundred dollars above $29,000.
However, the market cap is still struggling below $570 billion, while its dominance over altcoins is at 48.4%.
Most altcoins lost value in the last few days, but the situation is different today. Dogecoin led the surge, with another 5% increase in the 24-hour period. Further, DOGE hit $0.085 earlier today, fueled by recent Elon Musk-Twitter interactions, and the first meme coin in history marked a 3-month high.
Ripple's native token became the second leader among large altcoins. XRP rose by 2.5% and reached $0.7 again.
Ethereum, Binance Coin, Solana, Tron, Litecoin, Polkadot, TONCOIN, and Shiba Inu are also on the rise, albeit on a more modest scale. Conversely, Polygon, Filecoin, LDO, XLM, and NEAR all retreated slightly to 3.5%. The overall crypto market capitalization has remained relatively stagnant below $1.180 trillion at the CMC.
