Bitcoin’s price faced some volatility ahead of the highly anticipated meeting between Trump and Putin, but has failed to show any big fluctuations after its conclusion.
The altcoins, though, have tumbled over the past 24 hours, led by Ethereum’s substantial decline to well under $4,500.
BTC at $117K
The primary cryptocurrency had an eventful week. It all started with a price pump on Monday that drove it from $119,000 to a multi-week peak at over $122,000. The bears reemerged at this point and didn’t allow a breakthrough toward the $123,200 all-time high.
However, such a leg up transpired later on during the week. On Wednesday, bitcoin started to gain traction and flew past its July peak. The culmination took place on Thursday morning when BTC surged to $124,500 to chart its latest all-time high.
That rally was short-lived, though. Instead of heading beyond $125,000, the cryptocurrency reversed its trajectory and slumped to $121,000 almost immediately. It fell further to under $118,000 during the day, after the US PPI data for July came out hotter than expected.
More volatility was expected on Friday evening when the presidents of the US and Russia met to discuss a potential ceasefire between the latter and Ukraine. Although they failed to agree on a deal, BTC’s price remained relatively stable at around $117,500.
Its market cap has retreated to $2.340 trillion on CG, while its dominance over the alts is close to 58%.
Alts in Red
Ethereum marked an impressive rally over the past few weeks, which culminated a few days ago with a surge to almost $4,800. Thus, the asset came just inches away from its 2021 ATH. However, it failed there and the overall market-wide correction has pushed it to well below $4,500 after a 5% daily decline.
The rest of the larger-cap alts are in the red as well, with SOL, LINK, AVAX, SUI, and HYPE dropping by 3-7%. MNT is the only notable exception. The asset has surged by over 10% and trades at $1.2, while the rest of the alts are in the red.
The total crypto market cap has shed another $80 billion overnight and is down to $4.050 trillion on CG.
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Cryptocurrency charts by TradingView.
