RUNE Contradicts Market Trends with 30% Weekly Increase, BTC Remains Unstable at $26K: Market Overview

Although bitcoin has regained a few hundred dollars since yesterday, its price remains unstable at approximately $26,000.

The majority of altcoins have finally shown some gains, albeit modestly, with XRP holding steady at the $0.5 mark.

BTC Unstable at $26K

Following a week of lackluster price activity, BTC moved upward on Monday, reaching $29,700. This occurred just a day prior to the launch of the first spot BTC ETF on Euronext Amsterdam. While this appears to be positive news at first glance, the cryptocurrency reversed direction and fell to below $29,000 by Thursday.

The situation deteriorated further in the subsequent days amid rumors that Elon Musk’s SpaceX had liquidated its remaining BTC holdings. This news prompted an immediate price decline, pushing it to a new two-month low of $25,300.

It quickly rebounded, rising above $26,000 on the same day, but fell back below that threshold yesterday.

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Currently, bitcoin is trading at around $26,000 following a slight daily increase. However, its market capitalization remains below $510 billion, while its dominance over altcoins is stagnant at 48.1% on CMC.

BTCUSD. Source: TradingView

RUNE Defies Expectations

Most alternative cryptocurrencies followed BTC downward, experiencing significant price declines, some reaching double-digit losses. Many have attempted to recover since then, but not very effectively.

For instance, Ethereum dropped from over $1,850 to around $1,600, marking a multi-month low. Currently, ETH is positioned just above $1,650.

Most larger-cap altcoins are also slightly up on a daily basis, including BNB, XRP, ADA, DOGE, SOL, and others. Notably, XRP has successfully maintained the $0.5 level.

While the broader market is struggling on a weekly basis, THORChain’s RUNE has increased by over 30%, making it the top performer among the top 100 altcoins. An 11% rise in the past day has brought its price to $1.75.

The total cryptocurrency market capitalization has recouped some of the weekly losses, now exceeding $1.050 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.