In a surprising turn of events, after an impressive climb on Friday evening, Bitcoin surpassed $38,000 for the first time in over a year and a half, marking a significant milestone. Meanwhile, ApeCoin experienced a remarkable 17% surge within a single day, capturing the attention of cryptocurrency enthusiasts.
However, the leading cryptocurrency struggled to maintain or build upon its newfound momentum. On the broader market front, most altcoins displayed relative calmness on a daily scale. Ethereum (ETH) maintained its position near $2,100, while Solana (SOL) traded in close proximity to the $60 mark.
Bitcoin’s rollercoaster week unfolded in the spotlight of Binance’s legal woes, as the company settled with the US Department of Justice, agreeing to a substantial fine of $4.3 billion without admitting guilt. Additionally, Binance’s founder and CEO, Changpeng Zhao, had to plead guilty and step down from his role as chief executive.
Bitcoin volatility or making a bullish ride?
BTC experienced significant volatility during the week, with a tumultuous ride on Wednesday that saw the cryptocurrency fluctuate by several thousand dollars. After hitting a weekly low of $35,600, bullish forces quickly intervened, propelling Bitcoin northward in the subsequent days.
By Thursday, BTC approached the $38,000 mark and surged beyond it on Friday night, reaching an impressive $38,500. This marked the highest price point for Bitcoin since May 2022. However, the cryptocurrency failed to sustain or continue its upward trajectory and currently hovers just below the $38,000 level.
While most altcoins mirrored Bitcoin’s turbulent journey, Binance Coin (BNB) emerged as the worst-hit asset, experiencing a 20% loss in value at one point. Despite this, BNB stabilized and currently trades at $235, slightly higher than its mid-week low.
Ethereum briefly surpassed $2,100 but faced challenges maintaining upward momentum, settling below that level. Similarly, Solana struggled to breach the $60 threshold and traded below it.
Noteworthy performers in daily price gains include STEPN, APE, and MINA, all of which recorded double-digit surges.
The overall cryptocurrency market cap saw a marginal 1% increase within a day, reaching $1.44 trillion, according to data from CoinMarketCap.