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Cardano Rockets by 9%, Bitcoin Reclaims $63K After War De-Escalation: Weekend Watch

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Bitcoin’s price dipped to another multi-week low at just over $62,000 on Saturday evening but rebounded to $63,500 on Sunday morning after US President Donald Trump said he had canceled the planned attacks against Iran.

Most larger-cap alts have turned green with minor increases, led by Cardano’s native token, which has jumped by 9%.

BTC Returns to Over $63K

The business week began on a more positive note after last weekend’s de-escalation in the Middle East. Bitcoin had remained above $64,000, and then it tapped $65,600 on a couple of occasions on Monday. However, it couldn’t continue upward, and uncertainty ahead of the FOMC meeting led investors to de-risk by offloading BTC, which resulted in a massive drop to $62,800.

Volatility remained high before and after the event, with the asset going up and down between $63,000 and $65,000. It rocketed to just over the upper boundary on Friday morning, where it was rejected once again.

The subsequent leg down was even more painful as bitcoin dipped to $62,400 for the first time in over two weeks. It managed to rebound to $63,000 on Saturday before it dropped once again to $62,100 (on most exchanges). The situation improved on Sunday morning after US President Trump canceled planned attacks against Iran, and BTC jumped to $63,500.

Its market cap has reclaimed $1.270 trillion, while its dominance over the alts remains below 57% on CG.

BTCUSD Aug 2. Source: TradingView
BTCUSD Aug 2. Source: TradingView

ADA Soars

Most larger-cap alts have turned green in the past day. XRP has defended the $1.05 support, which has been described as a major support level by analysts that can propel the next rally. SOL is up by 1%, and so is HYPE. ETH, TRX, DOGE, RAIN, and ZEC have marked minor increases.

Cardano’s native token has become today’s top performer, surging by 9% to $0.185. XLM, DOT, AVAX, NEAR, PEPE, and WLD have marked gains of up to 4%.

The total crypto market cap is up by $40 billion since yesterday’s low and is up to $2.250 trillion on CG.

Cryptocurrency Market Overview August 2. Source: QuantifyCrypto
Cryptocurrency Market Overview August 2. Source: QuantifyCrypto

 

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