Bitcoin fell to a multi-week low of $62,100 on Saturday before rebounding to $63,500 on Sunday after President Donald Trump canceled planned attacks against Iran. Most major altcoins turned green, led by Cardano’s native token, which gained 9% to $0.185. ENA was the other top gainer over 24 hours. XRP held above the $1.05 support level described by analysts as critical for a potential rally. SOL and HYPE each rose 1%, while ETH, TRX, DOGE, RAIN, and ZEC posted minor gains. The total cryptocurrency market cap increased by $40 billion from yesterday’s low to $2.250 trillion.
Bitcoin’s price dipped to another multi-week low at just over $62,000 on Saturday evening but rebounded to $63,500 on Sunday morning after US President Donald Trump said he had canceled the planned attacks against Iran. The business week began on a more positive note after last weekend’s de-escalation in the Middle East.
Bitcoin had remained above $64,000 and then tapped $65,600 on a couple of occasions on Monday. However, uncertainty ahead of the FOMC meeting led investors to offload BTC, resulting in a massive drop to $62,800.
Volatility remained high before and after the event, with the asset moving between $63,000 and $65,000. It rocketed to just over the upper boundary on Friday morning before being rejected once again.
The subsequent leg down was more painful as bitcoin dipped to $62,400 for the first time in over two weeks. It rebounded to $63,000 on Saturday before dropping again to $62,100 on most exchanges.
The situation improved on Sunday morning after President Trump canceled planned attacks against Iran, and BTC jumped to $63,500. Its market cap has reclaimed $1.270 trillion, while its dominance over the alts remains below 57%.
Most larger-cap alts have turned green in the past day. XRP has defended the $1.05 support, which has been described as a major support level by analysts that can propel the next rally. SOL is up by 1%, and so is HYPE. ETH, TRX, DOGE, RAIN, and ZEC have marked minor increases.
Cardano’s native token has become today’s top performer, surging by 9% to $0.185. XLM, DOT, AVAX, NEAR, PEPE, and WLD have marked gains of up to 4%. ENA is the other big gainer over the 24 hours, followed by ADA.
The total crypto market cap is up by $40 billion since yesterday’s low and is up to $2.250 trillion.
