Bitcoin, the main cryptocurrency on the market, seems to be resisting the recent instability. After plunging as low as $26,600 on “Bitcoin Pizza Day,” the digital asset reversed its trajectory and rose nearly $1,000. At the moment, the coin operates above $27,000.
Volatility could increase, according to Glassnode, as Bitcoin’s weekly price range narrowed to 3.4%, which has only happened a handful of times in the past three years. It is worth remembering that each time this has occurred, there has been a significant price movement in one direction or another.
Bitcoin’s market capitalization is close to $530 billion, and the coin maintains its dominance over altcoins at 46.4%.
Altcoins: ETH Holds Above $1.8K
Like Bitcoin, Ethereum (ETH) has also seen discreet movements in recent days, although it has lost some ground. The coin was on the verge of breaking through the $1,800 mark, but a 2.5% rise over the past 24 hours stopped that drop, and the second-largest digital asset is currently trading at around $1,850.
Other cryptocurrencies such as Polygon (MATIC), Shiba Inu (SHIB), Tron (TRX) and Avalanche (AVAX) also showed modest gains, while BNB, ADA, DOGE, SOL, LTC and DOT operate in the green, but more timidly.
The biggest daily gains came from Conflux Coins (CFX) up 16%, KAVA up 14% and Render Token up 11%.
Overall, the total cryptocurrency market cap recovered around $20 billion in one day, reaching the $1.140 trillion mark.
State currencies: Disagreement in the US and waiting in Brazil
In the United States, President Joe Biden and the leader of the House did not reach an agreement to increase the debt ceiling, raising concerns about possible negative impacts on the country’s economy.
In Brazil, the situation is also one of uncertainty. Investors are waiting for the decisive vote on the new “fiscal framework”, which could bring significant changes to the Brazilian economy. This vote should take place later this week.
