BTC’s price performance over the weekend has been disappointingly dull, with minimal movements to speak of. This lack of momentum has carried over into the altcoin market, where stability has been the norm on a daily scale. However, amidst this relative calm, a few altcoins, such as LINK, have managed to explode in value over the past week.
Monday’s Late Bullish Surge
The business week started off sluggishly for Bitcoin, as it maintained the momentum from the previous weekend and plateaued at around $26,500. However, the bulls were not to be kept at bay for long. Late on Monday, they made their presence known, pushing the cryptocurrency to just over $27,400.
After this immediate surge, Bitcoin experienced a retracement but quickly regained its offensive momentum on Tuesday. It tapped a 20-day peak at just over $27,500, signaling potential growth. Unfortunately, Bitcoin failed to maintain its upward trajectory and gradually started declining in value.
Thursday brought a more significant blow to Bitcoin’s price, with a slump to a three-day low of $26,400. However, the cryptocurrency managed to bounce back in the following days, adding some value to its price. Despite these fluctuations, Bitcoin found itself trapped within the confines of its current price lines at $26,500.
Stagnant Altcoins and Minimal Movement
The alternative coins have also experienced a relatively uneventful 24 hours. Ethereum, Binance Coin, Ripple, Cardano, Polkadot, Polygon, and Litecoin have all seen minor losses. Conversely, Solana, Tron, Bitcoin Cash, Dogecoin, and Shiba Inu have seen insignificant gains. Notably, Toncoin has declined by over 2% in the past day, while LINK has jumped by a similar percentage.
Chainlink Takes the Lead
Chainlink’s native token, LINK, has emerged as the best performer among the top 100 altcoins in terms of weekly gains, surging by an impressive 15%. Following behind are IMX (13%), CRV (9%), and LUNC (6.5%). In contrast, THORChain has experienced the most significant decline within the same timeframe, dropping by 10%.
A Decline in the Total Crypto Market Cap
Overall, the total crypto market cap has seen a decrease of a few billion compared to the previous day, currently sitting at just under $1.060 trillion. Despite this decline, Bitcoin’s market cap remains below $520 billion, with its dominance over the altcoins slightly higher than the day before at 49.2%.
Bitcoin’s performance over the weekend and into the business week has been lackluster, exhibiting minimal movement and failing to break out of its current price range. Altcoins have largely followed suit, remaining stable with minor losses or gains. While some altcoins, such as Chainlink’s LINK, have experienced significant growth, the overall landscape of the cryptocurrency market has been stagnant. As investors and traders eagerly await new catalysts and trends, it remains to be seen whether Bitcoin and the altcoins will find the momentum needed for a breakout in the near future.
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