This Week’s Leading Athletes as Bitcoin Value Remains Steady at $28K (Weekend Update)

Bitcoin’s price fluctuations have stabilized significantly after the heightened volatility observed on Friday.

Many altcoins are experiencing a similar trend, with slight declines. Avalanche has seen the largest drop today but remains above the $10 mark.

BTC Stabilizes at $28K

Just about a week ago, during Sunday evening and Monday morning, the leading cryptocurrency initiated a substantial upward movement that resulted in an increase of over $1,500. This led to a six-week high of $28,600 (on Bitstamp) on Monday evening.

However, the asset was unable to sustain its upward trajectory and swiftly lost nearly all of its gains. Following this, there was a period of sideways trading before another price surge that brought it slightly above $28,000. This rejection was more pronounced, causing BTC to drop by just over $1,000.

Nevertheless, the bulls quickly intervened and prevented any further declines. Bitcoin rebounded and surged past $28,200 once again on Saturday. Since then, the asset has remained around $28,000, with minimal movement in either direction.

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As a result, BTC’s market capitalization remains steady at $545 billion, while its dominance over altcoins has increased by another 0.1%, now just below 50% on CMC.

BTCUSD. Source: TradingView

This Week’s Top Performers

Examining the daily charts of the altcoin market reveals that red is prevalent across nearly all of them. Binance Coin, Solana, Cardano, Toncoin, Polygon, and Polkadot have all retraced by 1-3%.

Ethereum, Ripple, Dogecoin, Tron, Litecoin, and Bitcoin Cash have experienced losses of up to 1%. Avalanche, which was recently among the top performers, has declined by 5.5%, possibly due to recent negative developments in one of its native projects. Nonetheless, AVAX continues to trade above $10.

On a weekly basis, however, there are several notable gainers. Trust Wallet Token leads with a 27% weekly increase to $1. RNDR and BSV follow with gains of 17% and 11%, respectively.

The total cryptocurrency market capitalization has struggled to surpass the $1.1 trillion threshold and currently sits just below it.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.