The recent decision of President Joe Biden to end his 2024 election campaign sent shockwaves through the cryptocurrency market. Bitcoin’s price reacted in a positive manner to this news, pumping to a multi-week peak of over $68,000. However, the journey to this peak was anything but smooth, with the cryptocurrency experiencing wild price swings in the past few weeks.
Altcoins Volatility
Following Bitcoin’s surge, altcoins also experienced volatility after the announcement. Among them, AVAX emerged as the top performer on a daily scale. While some altcoins like ETH, TON, SHIB, and BCH are slightly in the red, others like BNB, XRP, ADA, TRX, DOT, and LINK recorded minor gains. Dogecoin and Solana, on the other hand, saw impressive increases of around 4-5%, with DOGE nearing $0.14 and SOL close to $180.
Despite the ups and downs in the market, Avalanche’s native token AVAX has seen a remarkable surge of 10.5%, now trading at $32. This rise in AVAX’s price further highlights the volatility and unpredictability of the cryptocurrency market.
The total crypto market cap has managed to maintain the gains from the weekend and is now above $2.550 trillion. Bitcoin’s dominance over the altcoins has also increased to 51.7%, according to CoinGecko. This data reflects the ongoing shifts and trends within the cryptocurrency market, with investors closely monitoring developments in Bitcoin and other major cryptocurrencies.
The recent events surrounding President Joe Biden’s decision to quit the 2024 presidential race have had a significant impact on the cryptocurrency market. Bitcoin’s price surge and the subsequent volatility in altcoins demonstrate the fast-paced and unpredictable nature of the market. As investors navigate through these turbulent times, it is essential to stay informed and make prudent decisions based on thorough analysis and research.
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