Bitcoin’s price movements have quieted down after a period of increased volatility last Friday. This trend is also reflected in most altcoins, which have experienced minor downward movements. One altcoin that stands out is Avalanche, which has seen a decline today but still maintains a value above $10.
Bitcoin’s Rollercoaster Ride
Just a week ago, on Sunday evening/Monday morning, Bitcoin experienced a significant surge in price, increasing by over $1,500. This surge reached a six-week peak at $28,600 on Monday evening. However, Bitcoin was unable to sustain this momentum and quickly lost most of its gains. After some sideways trading, another price pump occurred, briefly pushing the price above $28,000. This pump was followed by a violent rejection, causing BTC to drop by over $1,000. Fortunately, the bulls stepped in and prevented further declines. Bitcoin bounced back and surpassed $28,200 once again on Saturday. Since then, the price has remained stuck around $28,000, with minimal movement in either direction.
Bitcoin’s market cap currently stands at $545 billion, while its dominance over other cryptocurrencies has increased by 0.1% and is now approaching 50% on CoinMarketCap (CMC).
When analyzing the daily charts of altcoins, it becomes clear that most of them are experiencing downward movement, with red dominating the charts. Binance Coin, Solana, Cardano, Toncoin, Polygon, and Polkadot have all seen retracements ranging from 1% to 3%. Ethereum, Ripple, Dogecoin, Tron, Litecoin, and Bitcoin Cash have also lost value, albeit to a lesser extent, with losses of up to 1%. Avalanche, which was performing well recently, has experienced a significant decline of 5.5%, possibly due to negative developments in one of its native projects. However, AVAX still maintains a trading value above $10.
Notable Weekly Gainers in the Altcoin Space
Despite the overall downward trend, there are a few altcoins that have seen notable gains on a weekly scale. Trust Wallet Token leads the way with a 27% surge to $1.
Despite these ups and downs, the total crypto market cap has been unable to break through the $1.1 trillion mark and remains just below it.
Bitcoin and altcoins have settled into a period of calm after a week of significant volatility. Bitcoin’s price remains stable, with little movement in either direction. Meanwhile, altcoins are experiencing downward movements, with red dominating their charts. However, there are still a few altcoins that have managed to gain value on a weekly scale. The overall crypto market cap has yet to surpass the $1.1 trillion mark.
Leave a Reply