02/05 Market Recap: Altcoins Rally as Bitcoin Holds Steady, Binance Founder’s Light Sentence


Bitcoin, after a brief surge that saw its price jump by about $2,000 following the Federal Reserve’s decision not to raise interest rates, it couldn’t hold onto its gains and fell back down. Despite this, Bitcoin’s price has managed to hover around $59,000, with its market capitalization reaching $1.168 trillion. However, its dominance in the market has slightly decreased, now standing at 52.7%.

The spotlight, however, has shifted towards altcoins, which have shown remarkable resilience and growth. After a period of downturns, altcoins have bounced back stronger, with several of them posting impressive gains. Solana (SOL) leads the pack with a 15% increase, trading at $140. Close behind are other notable performers such as PEPE, which has soared by over 25%, and a host of others including SHIB, Polkadot (DOT), Cardano (ADA), Ripple (XRP), Avalanche (AVAX), Polygon (MATIC), and Internet Computer (ICP), all recording gains between 5% and 15%.

Changpeng Zhao, the billionaire founder of the cryptocurrency exchange Binance, was sentenced to four months in prison for a money-laundering violation, a much lighter penalty than other crypto executives have faced. Despite prosecutors seeking a three-year sentence, citing an “unprecedented” crime, the judge praised Zhao’s “staggering accomplishment” in building Binance and called him “a dedicated family man and a giving person.” With a $33 billion fortune, Zhao is set to benefit from the resurgence of the crypto industry after serving his short sentence.

This resurgence has helped the total cryptocurrency market capitalization to recover approximately $50 billion from its recent low, bringing it closer to $2.3 trillion. This recovery is a testament to the volatile yet resilient nature of the crypto market, where fortunes can change in a matter of hours.