BTC Price Faced Massive Volatility Amid Trump Speech, XRP Stable at $0.6 (Weekend Watch)

All eyes in the crypto community yesterday were on the Bitcoin Conference in Nashville as Donald Trump was scheduled to appear and talk about BTC, which eventually resulted in substantial price volatility for the asset.

On a daily scale, most cryptocurrencies are slightly in the red, with TON and DOGE leading the pack from the larger-cap ones.

BTC Sees a Rollercoaster

Last weekend was also quite eventful in terms of price action for bitcoin as the asset fell by $2,000 in minutes after President Joe Biden quit the 2024 election race but then pumped by more than three grand. Ultimately, BTC topped $68,400 for the first time in over 6 weeks on Monday.

However, it failed to maintain its run and started to lose value gradually. A more substantial price decline came on Thursday when it plummeted from $67,200 to $63,400. Nevertheless, the bulls managed to intercept the move and initiated a leg up on Friday and Saturday that drove bitcoin to $68,000.

As the anticipation for Trump’s speech built on, BTC spiked to a 7-week high of over $69,300. The rollercoaster came as he stood up on the stage and made several big promises. In a matter of a few hours, bitcoin dumped to $66,500, recovered to $69,000 and fell back down to its current position of $67,500.

As such, its market cap has slipped to $1.330 trillion, but its dominance over the alts has increased to 52.9% on CG.

Alts Turn Red

Most alternative coins charted impressive gains in the past 24 hours and, somewhat expected, have lost some traction today. ETH and BNB are down by 1.5% each to $3,225 and $578, respectively. SOL, ADA, SHIB, DOT, and LINK have retraced by similar percentages.

Dogecoin, Toncoin, and Avalanche have declined by 3-4%, while NEAR, WIF, APT, and RNDR are down by up to 6%.

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

XRP, TRX, and BCH are among the few alts in the green, as in the case of Bitcoin Cash, the daily surge is by 3.5%.

ADVERTISEMENT

The total crypto market cap has shed about $30 billion overnight and is below $2.520 trillion on CG now.