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Despite the significant fluctuations BTC experienced over several days last week, the cryptocurrency has once again stagnated at a well-known price point of approximately $26,000.
Most altcoins are also relatively stable today, with the exception of Rocket Pool, Synthetix, and Stellar, all of which have seen increases in the double digits.
BTC Returns to $26K
The leading cryptocurrency had been trading sideways around $26,000 for an extended period until last Tuesday when Grayscale’s legal victory against the US Securities and Exchange Commission caused a stir.
Bitcoin, driven by the possibility of converting GBTC into a spot BTC ETF, surged by over two thousand dollars within hours and reached a multi-week high exceeding $28,000.
While the community anticipated a collapse of the SEC, the agency made a somewhat predictable decision to postpone the ruling on all spot BTC ETF applications for an additional 45 days. This, combined with the waning excitement surrounding Grayscale’s success, resulted in a significant price correction.
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Bitcoin fell by nearly $3,000 over two days, dropping to an 11-week low of $25,350. However, it managed to rebound, recovering several hundred dollars, and has since been trading around $26,000, similar to its position seven days ago.
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Its market capitalization has stabilized at $505 billion, maintaining its dominance over altcoins at 48.4%.
BTCUSD. Source: TradingView
XLM on the Rise
Most altcoins have shown minimal gains over the last 24 hours. Ethereum, Binance Coin, Ripple, Cardano, Solana, Tron, TONCOIN, Polkadot, Polygon, and Litecoin are all slightly up, with SOL experiencing the largest increase (2%).
Conversely, the two largest meme coins – Dogecoin and Shiba Inu – are facing slight losses. LEO, HBAR, and MKR have seen the most significant declines among larger-cap altcoins.
In contrast, Stellar’s XLM has surged by about 10% and is trading well above $0.12. Additional gains are noted for Rocket Pool and Synthetix, both of which are also up by double digits.
The total cryptocurrency market capitalization has regained just under $10 billion in a day, now sitting slightly above $1.050 trillion on 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.
