Bitcoin has finally calmed down after the recent price volatility and remains slightly above the $30,000 mark. Most altcoins are also unusually stable on the 24-hour scale. Tezos and FTT are among the few exceptions.
bitcoin stands above $30K
The past few days have been quite volatile for the primary cryptocurrency, starting on June 6th when it rallied from lows of $30,000 to a multi-day high of around $32,000.
However, at that point, the scenario changed drastically as BTC fell by more than $2,000 to $29,200 in hours. Nevertheless, another price increase occurred, and bitcoin found itself trading above $31,500 shortly after.
The volatility continued a bit further, causing BTC to once again reach $30,000 in the south. Since then, however, the cryptocurrency has been relatively calm around that level and is currently sitting above it. Hence, it has a market cap of $580 billion and a 46.5% dominance over altcoins.
Notable Daily News
Despite BTC’s ongoing struggle, which means the asset is down more than 50% from its peak in November 2021, Michael Sayler continues to be extremely bullish, stating that he believes BTC will eventually will reach $1 million.
The US has recently caught the attention of the community with the most recent regulatory proposal. Interestingly, one of the co-authors of the bill – Senator Kirsten Gillibrand – argued that SEC Chairman Gary Gensler agrees because he views BTC and ETH as commodities.
ADA, FTT, XTZ in green
Altcoins have experienced similar volatility since the start of the week, but most are now quite calm. Ethereum trades above $1,800, BNB is at $290, while XRP, SOL, DOGE, DOT, TRX, AVAX, and SHIB all posted negligible gains.
Cardano continues to outperform large-cap alts with a more impressive 3% gain today. As a result, ADA is now trading at $0.65.
Among lower- and mid-cap altcoins, FTT and XTZ have gained the most – 5.5% and 7%, respectively. FTT is near $30, while XTZ is at $2.15.
Altcoin News
After years of preparation, Ethereum’s oldest testnet – Ropsten – finally went through The Merge and now employs proof of stake.
Solana raised $100 million to support cryptocurrency projects in South Korea, especially those affected by the Terra collapse.
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Cryptocurrency charts by TradingView.
