A lightning fall: that’s what the cryptocurrencies experienced over the weekend. The global markets were shaken by Iran’s attack on Israel. Two days later, the BTC price is on the road to recovery, and its dominance has reached a 3-year high.
The Bitcoin price recovers from its big scare
On Saturday night, Iran launched an attack against Israel. The news plunged open markets into uncertainty – including the cryptocurrency market. Bitcoin (BTC) plummeted, losing 10% in the space of 5 hours. The BTC price briefly touched $60,600 :
The fall in the BTC price over the weekend
Since then, Bitcoin has regained almost all the lost territory, posting +9.5% since its weekend low. But the world’s largest cryptocurrency is still hesitant, and will have to fight hard to regain the symbolic $70,000 threshold.
Bitcoin’s dominance reaches a 3-year high
As a result of this small upheaval in the market, Bitcoin has reached a level of dominance not seen for 3 years. As of yesterday, it accounted for almost 53% of total cryptocurrency capitalization:
This shows investor appetite, and Bitcoin’s ability to bounce back quickly – faster than other crypto-currencies, in any case. Over the last 7 days, however, the majority of the top 10 cryptocurrencies are in the red – with the exception of Toncoin (TON), which is in excellent form, having gained 28% over the week.
Dogecoin (DOGE) lost 19% over the same period, and both Ripple’s XRP and Solana’s SOL tumbled by 14%. Ethereum ETH fell in tandem with BTC, by 6%.
As assets considered risky, crypto-currencies are particularly prone to volatility during global crises, as investors tend to turn to assets they perceive as more stable. This weekend’s movements therefore come as no surprise, and it’s the sector’s ability to rebound that will be observed in the days ahead.
