Bitcoin’s Price Stalls Below $38K
The price of Bitcoin has been relatively stagnant in the past few days, hovering just below $38,000. This lack of movement is mirrored by most altcoins, with only minor gains seen in Chainlink and Tron among the larger cryptocurrencies.
Bitcoin’s Volatile Week
Last week was marked by significant volatility for Bitcoin, largely due to developments surrounding Binance and US authorities. The Department of Justice reached a settlement with Binance, resulting in a $4.3 billion payment from the exchange without admitting guilt. Additionally, Binance CEO Changpeng Zhao stepped down from his position. In response to these events, Bitcoin’s price dropped to a weekly low of $36,600 before quickly rebounding. The price then experienced more fluctuations and reached a high of $38,500 before retracing back below $38,000.
Top Gainers This Week
Similar to Bitcoin, most altcoins experienced a rollercoaster ride in the past few days but have now stabilized. On a daily scale, there have been minor losses for XRP, BNB, SOL, and DOGE, while ETH, ADA, AVAX, MATIC, and DOT have seen insignificant gains. Chainlink and Tron have seen the most significant daily increases at around 3%.
Looking at the weekly scale, BLUR has emerged as the top gainer. The native token of the NFT platform has surged by over 70% and is currently valued at $0.6. STEPN (34%), ApeCoin (30%), MINA (30%), and Klaytn (27%) are also among the top gainers this week.
Total Crypto Market Cap
The total market capitalization of the cryptocurrency market has increased by a few billion dollars overnight and now stands at around $1.450 trillion according to CoinMarketCap.
Hot Take: Bitcoin’s Price Stagnation and Altcoin Volatility
Bitcoin’s price has remained relatively stagnant below $38,000, while altcoins have experienced significant volatility. The recent settlement between Binance and US authorities has contributed to Bitcoin’s price fluctuations. However, despite these challenges, the overall crypto market cap continues to grow steadily. It will be interesting to see if Bitcoin can break out of its current range and if altcoins can regain momentum in the coming days.
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