Bitcoin’s Period of Stability
In the past three days, Bitcoin (BTC) has shown little to no volatility. However, the asset has seen positive movement over the course of the week. Altcoins like Solana (SOL) and Avalanche (AVAX) have also experienced gains in the past seven days, but have failed to make an impact in the last 24 hours.
Bitcoin’s Consolidation Phase
Currently, Bitcoin is trading at around $42,000, a 1% decrease from its January 28 level of $42,700. The cryptocurrency has remained relatively stable over the weekend after dropping below $39,000 last week. This drop resulted in over $200 million in liquidations. However, the subsequent increase above $41,000 mainly affected short sellers.
Bitcoin’s dominance over alternative coins has been increasing and currently stands at around 52.4%.
Solana’s Aggressive Move
While most altcoins have followed Bitcoin’s lack of volatility, a few exceptions have seen significant jumps in price. Conflux (CFX) and Sui (SUI) have both increased by 10% and 3% respectively. Solana (SOL) has experienced a modest 0.2% increase on a daily scale but has seen a 10% surge over the week, bringing its price close to $100. The rise in activity on Solana can be attributed to the excitement surrounding the WEN token airdrop.
Other major altcoins like ETH, XRP, ADA, and BCH are slightly down. The total cryptocurrency market cap is currently estimated at around $1.7 trillion with a 0.6% decrease in the last 24 hours.
Hot Take: Bitcoin Stabilizes While Altcoins Struggle
Bitcoin has entered a phase of stability, showing little volatility in recent days. Altcoins like Solana and Avalanche have also experienced gains over the past week. However, they have failed to maintain momentum in the last 24 hours. Despite this, Bitcoin’s dominance over alternative coins continues to rise. Solana stands out as one of the few altcoins making significant moves, driven by the frenzy surrounding the WEN token airdrop. Overall, the cryptocurrency market has seen a slight decrease in the last 24 hours, but Bitcoin remains relatively steady while altcoins struggle to find traction.
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