Key Takeaways:
Bitcoin price dipped to a May low of $93,600 before recovering about $1,000.
SUI coin is today's top large-cap altcoin gainer, surging over 8%.
The total cryptocurrency market cap has fallen below $3.060 trillion.
Recent market volatility saw the Bitcoin price experience another downturn, dropping significantly over the past several hours. The leading cryptocurrency briefly fell to $93,600, marking a multi-day low, before successfully recovering approximately one thousand dollars.
Following Bitcoin's movement, most altcoin prices also saw dips. However, one asset stood out against the trend: SUI coin, which has emerged as today's strongest performer.
Bitcoin Price Action: Dip and Recovery
Last week, the Bitcoin price showed strong bullish momentum, breaking out of its established $93,000 to $95,000 trading range. This surge pushed BTC to new local peaks, exceeding $97,000 on Thursday and reaching over $98,000 by Friday morning, fueling anticipation of a test of the $100,000 milestone.
However, the push towards six digits was halted by bears. Instead of climbing higher, the BTC price reversed course, experiencing a gradual decline. It consolidated around $96,000 over the weekend before the Asian trading session on Monday morning brought further downward pressure, resulting in a dip to $93,600 – a low point for May.
Despite this dip, the Bitcoin price has managed to recover some of the lost ground and is now trading around $1,000 higher than its recent low. As a result of the price movement, Bitcoin's market capitalization has decreased to $1.880 trillion, and its dominance over the **altcoin market** has slightly fallen by 0.2% to 61.5%.
SUI Coin Price Surges Over 8%
While much of the market reacted to Bitcoin's downturn, the **SUI coin** has been a notable exception. SUI stands out as the biggest gainer among larger-cap altcoins today.
The $SUI
price has climbed by over 8% and is currently trading close to the $3.50 mark, even after minor retracements in the past few days. Looking at a broader timeframe, the SUI coin price has seen impressive performance, being up by over 50% on a monthly scale.
Altcoin Market Overview
Beyond SUI, other altcoin prices have shown mixed movements. TAO has posted a solid 6% daily gain, trading above $365. PEPE, ONDO, LTC, and XMR have also seen gains of roughly 3-4%.
Larger #altcoins like ETH, XRP, BNB, SOL, DOGE, LINK, and TRX are also trading in the green, albeit with more modest increases. Conversely, ADA, LEO, AVAX, and TON have recorded minor losses.
The total crypto market cap has shed another $20 billion in the last 24 hours and now sits below the $3.060 trillion level.