Boring Weekend for Bitcoin at $26K
Bitcoin’s price has remained stagnant at $26,000 over the past 24 hours. This is not surprising considering the lower trading volumes typically seen during weekends. Altcoins have also shown little movement on a daily scale, with some experiencing notable losses since last Sunday.
Bitcoin’s Recent History
Last week, Bitcoin was in a similar situation, stagnating at around $29,000 for weeks before experiencing a sudden price dump. This resulted in a two-month low for the asset, reaching $26,000. Despite attempts to recover some of the losses, Bitcoin remained stuck at this level.
A Failed Attempt to Break Free
This week started off uneventfully, with Bitcoin failing to make a move. On Wednesday, it dipped by over $500, but the bulls quickly intervened and pushed the cryptocurrency back up. Thursday brought a more significant price increase, driving Bitcoin up to $26,800. However, it failed to maintain this level and returned to $26,000, where it has remained stuck for the past 48 hours.
Market Capitalization and Dominance
Bitcoin’s market capitalization has remained under $510 billion during this period, with its dominance over altcoins hovering around 48.5%.
Hot Take
The lack of movement in Bitcoin’s price is not unexpected given the lower trading volumes during weekends. However, it remains to be seen whether Bitcoin will break free from its $26,000 level and begin a new upward trend.
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