BTC Price Retraces After Hitting 6-Week High, AVAX Skyrockets 11% Daily (Market Watch)

Bitcoin‘s price reacted in a positive manner after President Joe Biden’s decision to quit the 2024 presidential race and pumped to a multi-week peak of over $68,000.

The altcoins were also quite volatile after the announcement, but AVAX has emerged as the top performer on a daily scale.

BTCs Wild Weekend Ride

The primary cryptocurrency has gone through some wild periods of price volatility in the past few weeks, and the last ten days or so have been no exception. It skyrocketed from $58,000 to $65,000 in days after the failed assassination attempt against the so-called crypto candidate for the US presidential post – Donald Trump, before it dumped by three grand last Tuesday.

The bulls went on the offensive once again, tapped $66,000 but were stopped and bitcoins slumped to $63,500 in hours once again on Friday.

Another surge followed on Friday evening and Saturday morning, driving the cryptocurrency to around $67,000. The current US President, Joe Biden, ended his 2024 election campaign on Sunday, which sent another shockwave through the market.

This time, BTC dumped by $2,000 immediately after the news broke, before is jumped by several grand and tapped a six-week high of $68,400 (on Bitstamp).

As of now, though, the asset trades about a grand lower, with its market cap settling at $1.330 trillion. Its dominance over the alts has increased to 51.7% on CG.

AVAX Runs Free

Most altcoins followed BTC during last nights volatile ride but have settled now. ETH, TON, SHIB, and BCH are slightly in the red, while BNB, XRP, ADA, TRX DOT, and LINK are with minor gains.

Dogecoin and Solana have charted more impressive increases in the past day. Both assets are up by around 4-5%, with DOGE nearing $0.14, while SOL is close to $180.

Nevertheless, Avalanches native token has emerged as the top gainer today. AVAX has risen by 10.5% and now trades at $32.

The total crypto market cap has maintained the weekend gains and is above $2.550 trillion now.