Altcoins
Bitcoin (BTC) Price Rebounds to $67,000 as Mining Stocks HIVE, WULF, and CAN Rally; XRP Leads Altcoins
The digital asset market saw a quick reversal on Monday with bitcoin (BTC) deleting a early decline to nearly $65,000 and returning to the $67,000 level for the time being in three days.
The $65,000 area was the same level bitcoin rebounded from during last Friday’s session big shock. At the time of writing, the price was at $66,800, up 0.9% in the last 24 hours.
Most altcoins also rebounded, but lagged behind BTC on the daily calendar. Ether (ETH) was still in the red with a decline of 0.7% over the same period, while dogecoin (DOGE)Shiba Inu (SHIB) and tokens native to Avalanche layer-1 networks (AVAX) is near (NEAR) they were down 2%-5%.
Ripple’s XRP (XRP) it outperformed most major cryptocurrencies with its 5% daily gain and was recently the only cryptocurrency – aside from BTC – in the broad market cryptocurrency benchmark CoinDesk 20 Index with a positive daily performance. Several smaller, publicly traded bitcoin miners posted double-digit gains. Hive Digital Technologies (HIVE), TeraWulf (WULF), Canaan (CAN) rallied 10%-20% on the day, while large-cap miners Marathon Digital (MARA) and Riot Platforms (RIOT) rose by 4%.
Turning to traditional markets, the broad-based S&P 500 and the tech-heavy Nasdaq 100 continued their ascent to new all-time highs and rose 0.9% and 1.2%, respectively.
Bitcoin has swung sideways in a narrow range below its all-time record prices since March, shedding excess leverage in liquidation cascades and certainly causing some impatience on the part of market participants, particularly the trading crowd. “increasing numbers”. Underscoring the dull price action, bitcoin’s 30-day realized volatility has fallen to near-historic levels, Alex Thorn, head of research at digital asset investment firm Galaxy, pointed out in a X post.
Derivatives trading network Paradigm said the cryptocurrency market is “losing momentum” without catalysts to drive traders into action. “Despite the positive predictions floating around, a new market needs real news to move forward and maintain traction,” he said in a Telegram update today.
Trader and market analyst Bob Loukas, however, moderated his expectations for the near term, noticing that BTC is “clearly” in the declining phase of its daily cycle and could revisit the lower $60,000 area before a more sustainable uptrend.