Bitcoin rebounded to $63,500 on Sunday morning after President Trump said he had canceled planned strikes on Iran, reversing a weekend slide to just over $62,000. The bounce lifted most large-cap altcoins into the green, led by Cardano, which jumped 9% to $0.185.
Bitcoin dipped to just over $62,000 on Saturday evening before rebounding to $63,500 on Sunday morning, after US President Donald Trump said he had canceled planned attacks against Iran. The recovery pulled most large-cap altcoins higher, led by Cardano's native token.
Bitcoin whipsaws between $62,000 and $65,600
The week had opened on firmer footing after the prior weekend's de-escalation in the Middle East. Bitcoin held above $64,000 and tapped $65,600 on Monday. It could not hold that gain, however, as uncertainty ahead of the FOMC meeting pushed investors to de-risk, and the coin dropped to $62,800.
Volatility stayed high through the rest of the week, with the price swinging between $63,000 and $65,000. It pushed to the upper end of that range on Friday morning before pulling back again, then dipped to $62,400 for the first time in over two weeks. It recovered to $63,000 on Saturday, slipped to $62,100, and then jumped back to $63,500 on Sunday once Trump's Iran comments landed.
Bitcoin's market cap has climbed back to $1.270 trillion. Its dominance over the rest of the market has remained below 57%.
Cardano leads the altcoin gainers
Cardano's native token became the day's top performer, surging 9% to $0.185. XRP, meanwhile, defended its $1.05 support level, a level analysts say could still propel its next rally.
Solana and Hyperliquid each added 1%, while Ether, Tron, Dogecoin, Rain, and Zcash posted smaller gains. XLM, Polkadot, Avalanche, Near, Pepe, and Worldcoin rose as much as 4%. Altogether, the total crypto market cap has added $40 billion since yesterday's low, reaching $2.250 trillion.
Source: CryptoPotato
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