Bitcoin price reacted positively after President Joe Biden's decision to drop out of the 2024 presidential race and the price level surged to a peak above $68,000 before falling back.
Altcoins also experienced significant volatility after the announcement, but AVAX has emerged as the best mover on the daily scale.
Major cryptocurrencies have gone through several periods of significant price volatility in recent weeks, and the last ten days or so have been no exception. The price of BTC jumped from $58,000 to $65,000 in a few days after the failed assassination attempt against the US presidency – Donald Trump before it dropped by three thousand last Tuesday.
Market players again added holdings again pushing the price level to touch $66,000 but were stopped and bitcoin fell to $63,500 in a few hours again on Friday.
Other gains followed on Friday afternoon and Saturday morning, pushing the cryptocurrency to around $67,000. The current US president, Joe Biden, ended his 2024 election campaign on Sunday, which sent another shockwave through the markets.
This time, BTC dropped by $2,000 immediately after the news was released, before BTC recaptured the top of the several thousand price level and reached a six-week high of $68,400 (on Bitstamp).
So far, the asset is trading about a thousand lower, with a market capitalization of $1.330 trillion. Its dominance over altcoins has increased to 51.7% in CG.
Most altcoins follow BTC. ETH, TON, SHIB, and BCH were slightly in the red zone, while BNB, XRP, ADA, TRX, DOT, and LINK posted small gains.
Dogecoin and Solana posted more impressive gains in the last day. Both assets are up around 4-5%, with DOGE approaching $0.14, while SOL is close to $180.
However, Avalanche's native token has emerged as the top mover today. AVAX has risen by 10.5% and is currently trading at $32.
The total crypto market capitalization has maintained the weekend gains and now exceeds $2.550 trillion.