Bitcoin price reclaims $60,000 amidst high volatility

TL;DR Breakdown

• Bitcoin price taps $60,000 once again.
• BTC Market cap exceedes $1 trillion again.
• Most altcoins remain stagnant over the past 24 hours.

Number one cryptocurrency, Bitcoin price has again reclaimed the coveted $60,000 level but quickly dropped below that radar amidst high volatility in the market.

After the bears pushed the currency back, the bulls have been struggling to reclaim the $60,000 resistance line again all time no avail at press time. Bitcoin trades at $59,596 at the time of writing this report.

Earlier in the week, BTC plunged to $55,567, raising doubts about the longevity of the ongoing bull market.

However, amidst the front and back, the flagship cryptocurrency is still on track to score its biggest weekly drop since early September. It is currently down 8.25 percent since the start of the week.

Similarly, Bitcoin is down 2 percent on the monthly chart in spite of hitting a new all-time high of $69,044 11 days ago.

Bitcoin price: Way to $60,000

Over the past 24 hours, Bitcoin price continued its recovery to touch $60,000 although most altcoins have remained stagnant.

After losing value throughout the week, after painting its latest ATH at $69,000, the bears pushed it south, which culminated in a drop below $56,000 on Friday. 

After the dip, Bitcoin reacted well. Yesterday, it bounced off and added almost $3,000. After reclaiming $58,000, it kept climbing and neared $60,000 hours ago.

Its market capitalization has exceeded $1.1 trillion once more, but the dominance over the altcoins has declined slightly to just over 42 percent.

Volatility plays high in Altcoin market

With Altcoins, most of them have continued to plunge over the week as they began their recovery leg on Saturday.

On a 24-hour scale, most larger-cap alts have stalled. Binance Coin, Solana, Cardano, Ripple, Polkadot, and Dogecoin are slightly in the red, while Terra is around 0.3 percent up.

Shiba Inu has lost the most value (-6 percent) and now sits at $0.000046. In contrast, Avalanche and CryptoCom’s token have gained the most.

AVAX remains the highest performer in the past several days and continues to register consecutive all-time highs. The latest one came at $138, according to CoinGecko. Moreover, AVAX is now inches away from surpassing Dogecoin as the 10th-largest cryptocurrency by market cap.