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Bitcoin’s attempt to surpass $31,000 appears to be fleeting, at least for the moment, as the asset has retraced to just below that threshold.
Most altcoins are also experiencing slight declines on a daily basis, but the weekly performance tells a different tale for assets such as COMP, MKR, AAVE, and others.
BTC Below $31K Again
Last Friday, Bitcoin experienced a day of significant volatility, dropping from over $31,000 to a 10-day low of $29,500 within minutes. This decline followed a report indicating that the US SEC considered the recent spot Bitcoin ETF applications as “inadequate,” which was interpreted as a potential signal that the regulator might reject them once more.
Nevertheless, the bulls intervened and prevented any further decline. BTC quickly regained the $30,000 mark.
The weekend was uneventful, with the cryptocurrency hovering around $30,500. Monday did not bring any notable changes, but on Tuesday, Bitcoin finally began to rise, reaching $31,250 for the third time in about a week.
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However, the asset was unable to decisively break through the $31,000 level and is currently positioned just beneath it. Consequently, its market capitalization has fallen below $600 billion, while its dominance over altcoins remains steady at 49.6%.
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BTCUSD. Source: TradingView
COMP, MKR, AAVE on the Rise Weekly
Most altcoins have mirrored BTC’s 24-hour performance and have turned negative. Ethereum and Binance Coin have decreased by just over 1%, trading below $1,950 and $245, respectively.
Ripple, Cardano, Polkadot, Polygon, and Avalanche are also in the red. Litecoin and Bitcoin Cash, which were the leading performers last week, reaching 14-month highs, have declined by 3-4% once again. Consequently, LTC is priced at $105, while BCH is below $275.
On a weekly basis, Compound, Maker, and Aave have emerged as the frontrunners, with all three native tokens experiencing triple-digit increases. MKR has surged by 46%, COMP by 43%, and AAVE by $30.
Overall, however, the total cryptocurrency market capitalization has decreased by just over $10 billion in a single day, now standing at $1.2 trillion according to CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
