Bitcoin’s price movements over the weekend have remained relatively stagnant, as the cryptocurrency has retreated from its recent challenge of the $116,000 mark. This comes after it briefly spiked above that level earlier in the week.
The week’s volatility began as Bitcoin surged from just below $115,000 to nearly $117,000, only to encounter a swift rejection, causing its value to drop more than $2,500. The fluctuations were particularly pronounced in the lead-up to the Federal Open Market Committee (FOMC) meeting, during which the U.S. Federal Reserve announced a reduction in key interest rates by 25 basis points. In the moments before the announcement, Bitcoin experienced wild price swings, hovering near the $117,000 range before dipping below $115,000 and ultimately recovering to around $116,000.
After the announcement of the rate cut, Bitcoin initially maintained a sluggish performance but eventually rallied during early Thursday trading hours, reaching a multi-week high of $118,000. However, this momentum proved short-lived, as the digital currency lost value throughout the day, settling at approximately $115,200 by Friday.
Currently, Bitcoin is trading between $115,000 and $116,000, with its market capitalization stagnating at around $2.3 trillion. Its dominance among alternative cryptocurrencies remains close to 56%.
In the realm of larger-cap altcoins, BNB has emerged as a standout performer. Since breaking the $1,000 barrier, BNB has consistently reached new all-time highs, with a peak of $1,080 recorded within the past 24 hours—a remarkable increase of around 10%. Although it has seen a slight retracement since its peak, BNB continues to lead the altcoin space.
In contrast, major cryptocurrencies such as Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), TRON (TRX), Chainlink (LINK), Avalanche (AVAX), and SUI have exhibited minimal movement. Notably, HYPE has experienced a downturn of over 5%.
On a more positive note, AS TER has shown significant gains, surging over 40% in just 24 hours, while M and IP have also recorded increases of 18% and 15%, respectively.
Overall, the total cryptocurrency market capitalization has declined, shedding approximately $20 billion overnight, bringing it down to $4.120 trillion.
