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After reaching a recent multi-week low below $26,000, bitcoin has shown improvement and even approached $27,000 earlier today.
Many alternative cryptocurrencies have also recorded slight daily gains. Render Token stands out as this week’s top performer among the top 100.
Will BTC Challenge $27K?
Bitcoin attempted to breach the resistance level at $27,500 several times over the past week but was unsuccessful. The most recent rejection occurred on Tuesday and was notably severe.
This led to a decline in BTC to just below $27,000 before the bears took full control of the market, pushing the asset down to a two-week low of $25,900. At this juncture, the bulls intervened, halting any further drops.
Conversely, bitcoin began to recover and quickly rose above $26,000. The last 24 hours saw another small increase, bringing the asset to over $26,900. However, the cryptocurrency has yet to challenge the $27,000 resistance level and currently sits a few hundred dollars beneath it.
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Its market capitalization remains below $520 billion, while its dominance over altcoins remains steady at 46.2%.
BTCUSD. Source: TradingView
RNDR, HT Up Double Digits Weekly
Most altcoins have experienced minor gains, similar to bitcoin, in the past 24 hours. Ethereum dipped below $1,800 a few days ago but managed to regain that level yesterday. A further slight increase since then has lifted the second-largest cryptocurrency to $1,830 at present.
Dogecoin, Solana, Polkadot, Litecoin, and Shiba Inu have shown comparable daily gains. Ripple, Cardano, Polygon, and Avalanche have all seen slightly larger increases, reaching up to 2%.
Analyzing the weekly charts reveals that the two most significant gainers are Render Token and Huobi Token, which have risen by 16% and 13%, respectively. The rise in HT may be attributed to recent favorable news concerning the exchange.
The total cryptocurrency market capitalization has also experienced a slight rise, now standing at $1.120 trillion.
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.
