Bitcoin price volatility slows as BNB, SOL and MATIC gain 5-7%, DOGE and SHIB fall sharply

Bitcoin's price action has been relatively flat over the past day after significant volatility on Tuesday. However, the market for most of the torrents has been a different story, with BNB, SOL and MATIC up between 5-7%, while DOGE and SHIB have seen their prices fall sharply. Bitcoin's initial market attention this week is centred above Bitcoin after it gained more than $10,000 last week to cross the $60,000 mark. The market expects Bitcoin to challenge or even break the 2021 high of $69,044 (CoinGecko data). On Monday, Bitcoin rose from less than $62,000 to about $68,000, pushing the market's expected target. On Tuesday, however, Bitcoin was at a new all-time high of around $69,300, before the price quickly fell, dropping to $59,500 in a matter of hours. Despite analysts' expressions of panic, Bitcoin soon began to rebound, returning to around $67,000. Currently, Bitcoin's price is slightly below that level and its market capitalisation is expected to reach over $1.3 trillion, accounting for less than 50 per cent of the imminent recovery of the torrents market. Meanwhile, DOGE and SHIB are behaving differently. DOGE is down 10 per cent and SHIB is down 15 per cent over the past 24 hours. Ether likewise fell below $3,800 after a small pullback. In contrast, SOL, BNB and MATIC are up around 5-7%. However, it was close to being the best performer among large-cap torrents, up 26% on the day, with ATOM and HBAR following closely behind with gains of 10% in the past. The total market capitalisation of cryptocurrencies has risen sharply in the last 24 hours, with CoinGecko data showing that it is now close to $2.65 trillion.