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Bitcoin experienced a turbulent conclusion to the week, achieving a new 13-month peak before dipping below $30,000, although it has successfully maintained that threshold.
The altcoins have shown more stability on a daily basis, with the exception of SOL, AVAX, LEO, ARB, and a few others, which have gained some value.
BTC Maintains $30K
The previous weekend was relatively uneventful, despite BTC undergoing significant fluctuations that saw it drop from $31,000 to $29,500 and then rise back to $30,500 within hours on Friday. However, Saturday and Sunday were tranquil, with BTC holding steady just above $30,000.
It was not until early Tuesday morning that the situation shifted, with BTC climbing back above $31,000. Although it faced rejection at that level, the bulls returned to the market on Thursday, successfully pushing bitcoin up to $31,500 (on Bitstamp) for the first time in 13 months.
Nevertheless, the asset faced another setback and fell to $29,700 by Friday morning. However, it rebounded and reclaimed the significant $30,000 mark in the subsequent hours, remaining just above that threshold since then.
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Its market capitalization remains at $585 billion, with its dominance over alternative coins just under 50%.
BTCUSD. Source: TradingView
SOL, AVAX Gaining Momentum
The altcoins have also seen increased volatility in recent days, but most have stabilized on a daily scale. Ethereum approached $2,000 at one point but faced a sharp rejection yesterday and is currently about $150 away from that mark.
Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, Tron, Polkadot, and Polygon are slightly in the positive territory among the larger-cap altcoins.
Avalanche and Solana have taken the spotlight with increases of 7.5% and 13%, respectively. Consequently, AVAX is now above $13, while SOL is trading above $22.
Overall, the total market capitalization of all cryptocurrency assets has managed to recover just over $10 billion in a single day, now exceeding $1.8 trillion. It is worth noting that this metric had dropped by $50 billion just yesterday.
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.
