Bitcoin’s price movements have calmed quite a bit following the enhanced volatility experienced on Friday.
Most altcoins are in a similar state, with minor moves south. Avalanche has declined most today but still stands above $10.
BTC Calms at $28K
It was just about a week ago, on Sunday evening/Monday morning, when the primary cryptocurrency started a massive leg up that resulted in surging by over $1,500. This culminated in a 6-week peak at $28,600 (on Bitstamp) on Monday evening.
However, the asset failed to maintain its run and quickly lost almost all of its gains. Then came some sideways trading before another price pump that pushed it to inches above $28,000. This rejection was more violent and pushed BTC south by just over a grand.
However, the bulls quickly intercepted the move and didn’t allow any further declines. Bitcoin bounced off and soared past $28,200 once again on Saturday. Since then, the asset has been stuck at around $28,000, with little-to-no movements in either direction.
Consequently, BTC’s market cap stands still at $545 billion, but its dominance over the alts has notched another 0.1% and is now just shy of 50% on CMC.
BTCUSD. Source: TradingView## This Week’s Top Performers
When looking at the daily charts of the altcoin space, one can easily spot that red dominates almost all of them. Binance Coin, Solana, Cardano, Toncoin, Polygon, and Polkadot have all retraced by 1-3%.
Ethereum, Ripple, Dogecoin, Tron, Litecoin, and Bitcoin Cash have lost up to 1%. Avalanche, which was among the top performers lately, is down by 5.5%, perhaps due to the recent adverse developments in one native project. Nevertheless, AVAX still trades above $10.
On a weekly scale, though, there’re several notable gainers. Trust Wallet Token leads the way with a 27% weekly surge to $1. RNDR and BSV follow suit, with 17% and 11%, respectively.
The total crypto market cap has failed to overcome the $1.1 trillion mark and stands just inches below it.
Cryptocurrency Market Overview. Source: Quantify Crypto
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