TAO has emerged as the top gainer today, while the PI token from Pi Network continues its dramatic and unpredictable movement.
Bitcoin’s Price Movement
Bitcoin experienced renewed volatility over the past 24 hours. The price fell to around $65,500 before climbing to $68,500. However, the rally was short lived as the price was rejected again following new developments related to the conflict in the Middle East and ongoing fluctuations in oil prices.
Ethereum is once again testing the important $2,000 level, while mid cap altcoins such as HASH and STABLE have recorded notable declines.
Bitcoin’s Recent Journey
After falling from $67,000 to $63,000 on February 28 when attacks in the Middle East began, Bitcoin staged a strong recovery and surged to $74,000 last Wednesday. This marked a rapid gain of about $11,000 within a few days. Considering the uncertain global environment, such a sharp rise was widely expected to be followed by a correction.
In the days that followed, sellers regained control of the market and pushed Bitcoin down to around $68,000 by Friday and Saturday. Although the weekend showed less volatility compared to the previous one, Bitcoin still experienced some price swings on Sunday evening when traditional futures markets reopened.
After Israel carried out strikes on several Iranian oil facilities, oil prices surged this morning and reached a new multi year high of $120 per barrel. Reports later suggested that G7 countries might release 400 million barrels of oil into the market. This news pushed USOIL below $96,000 before it recovered to about $102 at the time of writing.
Amid these developments, Bitcoin dropped to $65,500, quickly rebounded to $68,500, and then settled around $67,500 within a few hours. Its market capitalization has returned to about $1.35 trillion, while its dominance over alternative cryptocurrencies stands at 56.5 percent according to CoinGecko.
Ethereum Tries to Reclaim $2,000
The largest altcoin rose to $2,200 last Wednesday but faced strong resistance and dropped to just above $1,900 a few days later. It has since recovered slightly and is once again attempting to break above $2,000, though the momentum behind the move appears weak.
BNB, SOL, HYPE, XMR, and LINK have recorded small daily gains. Meanwhile XRP, TRX, DOGE, ADA, and BCH are trading lower. Among the larger market cap altcoins, CC has suffered the biggest decline, while TAO has surged nearly 10 percent to reach $195.
The PI token from Pi Network continues to show strong volatility. After falling to $0.20 yesterday, it has climbed about 5 percent today to trade above $0.21.
Overall, the total cryptocurrency market capitalization has remained mostly stable and currently sits just under $2.4 trillion according to CoinGecko.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
