Bitcoin’s price finally made a few volatile moves that resulted in dumping to a new two-month low before recovering all losses in hours.
Most altcoins went through something similar, but quite a few of them are still in the red on a daily scale, including ETH, XRP, DOGE, LEON, and many others.
BTC’s Dump and Pump
Bitcoin’s price was quite sluggish for about a week, which it spent trading in a tight range just below $26,000. The only exception came last Friday morning when it pumped to a multi-day high of $26,400. However, that was short-lived, and the bears pushed it south once more to its previous trading ground.
The weekend was expectedly uneventful, but the landscape was prompted to change amid speculations about upcoming sell-offs from FTX. Such a change indeed transpired yesterday evening when BTC slumped by about a grand to a two-month low of just under $25,000.
Nevertheless, the cryptocurrency bounced off rather quickly and neared $26,000 once again minutes ago. As of now, the asset remains inches below that level. Its market cap has reclaimed the $500 billion mark, while its dominance over the alts has soared to 49% as most alts have underperformed.
The enhanced volatility has harmed over-leveraged traders, as the…