Bitcoin (BTC) Price Bounces to $67K as BTC Miners Rally 5%-10%; XRP (XRP) Leads Altcoins

As bitcoin's volatility is nearing historically low levels, the crypto market is in need of news or catalysts to bring traders to action, one market participant noted.

Bitcoin price erased an early decline to $65,000 on Monday and quickly recovered to the $67,000 level for the first time in three days. The cryptocurrency dropped to the same area during last Friday's big shakeout.

At press time, BTC was changing hands at $66,800, up 0.9% over the past 24 hours. Most altcoins also bounced but lagged behind BTC on the daily timeframe. Ether (ETH) was still in the red, nursing a 0.7% decline during the same period, while dogecoin (DOGE), shiba inu (SHIB) and native tokens of layer-1 networks Avalanche (AVAX) and Near (NEAR) were down 2%-5%.

Ripple's XRP (XRP) outperformed most major cryptocurrencies with its 5% daily gain, and recently was the only cryptocurrency – apart from BTC – in the broad-market crypto benchmark CoinDesk 20 Index with a positive daily performance. Several smaller, publicly listed bitcoin miners enjoyed double-digit gains.

Hive Digital Technologies (HIVE), TeraWulf (WULF), Canaan (CAN) rallied 10%-20% during the day, while large-cap miners Marathon Digital (MARA) and Riot Platforms (RIOT) were up 4%.

In traditional markets, the broad-market S&P 500 and tech-heavy Nasdaq 100 continued their climb to new all-time highs, up 0.9% and 1.2%, respectively.

Bitcoin has been trading sideways in a tight range below its all-time highs since March, flushing out excess leverage in liquidation cascades and causing some impatience from market participants, particularly the "number go up" crowd.

Underscoring the boring price action, bitcoin's 30-day realized volatility has dropped to near historic lows, Alex Thorn, research head of digital asset investment firm Galaxy, pointed out in an X post.

Derivatives trading network Paradigm said that the crypto market is "losing momentum" in lack of catalysts to bring traders to action.

"Despite positive predictions flying around, a new market needs real news to move forward and keep traction," it said in a Telegram update earlier today.

Trader and market analyst Bob Loukas tempered expectations for the short-term, however, noting that BTC is "clearly" in the declining phase of its daily cycle and could revisit the lower $60,000 area before a more sustainable uptrend.

The U.S. markets team covers breaking news and trends in the U.S. equity, commodities and economic markets. Follow them on Twitter at @CoinDeskMarkets.

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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