Most altcoins turned red on a daily scale after the volatile period on the evening of July 27. Yesterday, all eyes in the crypto community were on the Bitcoin Conference in Nashville because Donald Trump was there to talk about Bitcoin, leading to significant price volatility for the asset. On a daily scale, most cryptocurrencies are slightly in the red, with TON and DOGE leading among those with larger market capitalizations.
What Happened on the Bitcoin Front?
Last weekend, after President Joe Biden withdrew from the 2024 election race, Bitcoin dropped $2,000 within minutes but then rose more than $3,000, making it a highly volatile period for Bitcoin price action. As a result, Bitcoin surpassed $68,400 on July 22 for the first time in over six weeks.
However, Bitcoin couldn’t sustain its rise and gradually started losing value. A more significant price drop occurred on July 25 when it fell from $67,200 to $63,400. Nevertheless, the bulls managed to halt the movement and initiated a rise that took Bitcoin to $68,000 on July 26 and 27.
As anticipation for Trump’s speech grew, Bitcoin surpassed $69,300, a seven-week high. The roller coaster process came when he took the stage and made a few big promises. Within a few hours, Bitcoin dropped to $66,500, rose to $69,000, and then retreated to its current position of $67,500. Consequently, its market value fell to $1.330 trillion, but its dominance over alts rose to 52.9%, according to CoinGecko data.
Current State of the Altcoin Market
Most alternative tokens gained impressive profits in the last 24 hours and, as somewhat expected, lost some momentum today. Ethereum and BNB fell by 1.5% to $3,225 and $578, respectively. SOL, ADA, SHIB, DOT, and LINK pulled back by similar percentages. Dogecoin, Toncoin, and Avalanche fell by 3% to 4%, while NEAR, WIF, APT, and RNDR dropped by up to 6%.
XRP, TRX, and BCH are among the few altcoins in the green, with Bitcoin Cash seeing a daily increase of 3.5%. The total crypto market value dropped by about $30 billion overnight and is now below $2.520 trillion, according to CoinGecko data.
