Bitcoin is holding just above $65,000 after a week of sharp swings, and its market cap has reclaimed the $1.3 trillion level. The move comes as altcoin Bitway surged 20% in a day, breaking into the top 100 coins by market cap.
A week of whipsaws
Bitcoin spent the week bouncing between $62,200 and $65,400. It was rejected at $64,000 early on, dipped to $62,200, then recovered to $65,000 by Wednesday. A setback for the CLARITY Act in the US Senate pushed it back toward $64,000. Then a weak US jobs report on Friday brought hopes the Fed won't hike rates in September, and Bitcoin briefly pumped to $65,400.
Altcoin movers
Bitway (BTW) led the day's gains, up 20% in the past 24 hours. The token has risen triple digits since last Monday and now sits in the top 100 by market cap. WLD and PUMP each jumped around 13%, reaching $0.345 and $0.0028 respectively. VVV added 9% to $12. Among the top 15 altcoins, ETH, BNB, XRP, SOL, and TRX are slightly in the green, while HYPE, DOGE, RAIN, ZEC, and ADA posted insignificant losses.
Market breadth
The cumulative market cap of all crypto assets remains close to $2.3 trillion. Bitcoin's dominance over altcoins remains above 57%.
The weak jobs report has traders betting the Fed will hold rates in September. That's the next scheduled event that could shift the market's direction.
