The price of Bitcoin was seen making some erratic moves where it indirectly pushed the dump to a new two-month low before recovering all losses in a few hours. Most altcoins are also facing the same situation but a large number of them are still in the red on the daily scale, including ETH, XRP, DOGE, LEON, and other altcoins.
The price of Bitcoin has been quite subdued for several weeks. This week mostly traded in a tight range below $26,000. The only exception occurred last Friday morning when it rose to a high of $26,400.
The weekend looks to have progressed relatively smoothly, however the trading landscape is starting to change amid speculation about an upcoming sell-off from FTX. Such changes were more pronounced as BTC sank to a two-month low below $25,000.
Nevertheless, the cryptocurrency bounced back quite quickly and is nearing $26,145 again at the time of writing. Its market capitalization has reclaimed $500 billion, while its dominance of altcoins has jumped to 49%.
Altcoins followed BTC on the way down further although some altcoins have recovered most of the losses from yesterday's fall. Ethereum, Binance Coin, Ripple, Dogecoin, Solana, Polkadot, Polygon, and Litecoin were all down about 1-2%. LEO has fallen further after losing almost 5% of its value overnight.
That said, Optimism, OP is in profit, having surged by about 7% in the past 24 hours. As a result, it is trading above $1.3. The total crypto market cap has managed to reclaim most of the losses and stands at $1.030 trillion.
