Bitcoin Bounces Back from $102K Dip, AAVE Soars Over 20% (Market Update)

The turbulent journey of Bitcoin continued through Monday, starting from a significant peak of $107,000. After experiencing a decline of more than $5,000, it managed to recover nearly back to $107,000, only to dip again in recent hours.

A number of altcoins have shown remarkable daily increases, with Ethereum notably surpassing $2,500.

BTC’s Movements

At the close of the previous business week, bearish momentum prevailed, driving the price of Bitcoin down to below $102,000 on Thursday. Nevertheless, it made a swift recovery, climbing above $103,000 on Friday and showing relative stability around that mark over the weekend.

However, Sunday evening marked a shift as Bitcoin gained momentum, reaching $106,000 before facing a drop to under $103,500. In response, the bulls propelled the price upwards, driving BTC over $107,000 for the first time since last January.

As Bitcoin approached its historical peak, the situation shifted again, and it retraced toward $102,000. Yet, this did not conclude its erratic journey, as it surged once more, achieving a more modest high of $106,600.

Though it faced resistance at that level, it has managed to stay above $105,000 as of now. The market capitalization has approached $2.090 trillion, with its dominance over altcoins remaining strong at 60.7%.

AAVE’s Surge

Many altcoins have rebounded from previous declines. For example, Ethereum climbed back above $2,500 following a daily increase of 5.5%. XRP maintained an important support level and now stands at $2.35. Other tokens such as SOL, TRX, SUI, LINK, AVAX, SHIB, HBAR, and TAO recorded gains of up to 7%.

In contrast, AAVE has distinguished itself among larger altcoins, skyrocketing over 20% to a trading value of $265.

The total market capitalization of cryptocurrencies has increased by nearly $100 billion since yesterday, reaching approximately $3.450 trillion.