Bitcoin recovers from a decline to $102,000, AAVE surges over 20% (Market Watch)

Bitcoin's volatility began on Sunday evening, doubling down on Monday with a drop that saw it fall to $107,000, followed by a decline of over $5,000, then recovering back to nearly $107,000, before retreating slightly in the past few hours.

Many altcoins have seen notable daily gains, including ETH, which has surpassed $2,500. By the end of last workweek, bearish sentiment seemed to dominate, as they pushed Bitcoin's price below $102,000 on Thursday. However, the asset's price quickly rebounded, soaring above $103,000 on Friday, and spent most of the weekend consolidating around that level.

However, on Sunday evening, the cryptocurrency started to rise, briefly hitting $106,000. The price dipped below $103,500, but bulls initiated a stronger price increase in the following hours, allowing Bitcoin to break above $107,000 for the first time since last January.

Just as Bitcoin approached its historical high, the market dynamics shifted again, and the price fell to $102,000. However, this was not the end of Bitcoin's wild fluctuations; it surged again, this time reaching a more moderate peak of $106,600, only to stall again, yet it remains above $105,000 as of now. Its market capitalization on the CG platform is nearing $2.09 trillion, with its dominance over altcoins at 60.7%. Many altcoins have erased yesterday's losses. For example, Ethereum has rebounded above $2,500 after a daily increase of 5.5%. XRP has held its critical support level, currently at $2.35. SOL, TRX, SUI, LINK, AVAX, SHIB, HBAR, and TAO have all seen gains of up to 7%.

However, AAVE stands out among larger cap altcoins. The asset has surged over 20% and is currently trading at $265.

Since yesterday, the total market capitalization of cryptocurrencies has increased by nearly $100 billion, reaching $3.45 trillion on CG.