Bitcoin’s Stability Around $37K
Bitcoin’s price has been relatively stable around the $37,000 mark in recent days, with minor fluctuations over the weekend. Most altcoins have also shown sluggish movement, although a few exceptions like Filecoin, Polygon, and Optimism have seen some activity.
BTC Holding Steady
About a week ago, Bitcoin dipped below $35,000 but quickly rebounded to almost $36,000 as bulls took control of the market. A subsequent surge on Thursday pushed the price to $38,000 for the first time in 18 months. However, it failed to maintain this momentum and dropped by over two thousand dollars. The weekend was relatively calm, with little movement in the price.
Bitcoin is now hovering around $37,000 with a market cap just under $725 billion. Its dominance over altcoins has slightly decreased to just above 51% on CMC.
Last Week’s Top Performers
The past week has been positive for most of the crypto market. Ethereum saw gains due to speculation about BlackRock filing for an ETH ETF in the US. The native token peaked at over $2,100 before settling around $100 lower. FTX also saw a significant increase after rumors about restarting operations got a nod from the SEC Chair Gary Gensler, resulting in a 200% weekly gain for FTT.
Other top performers from the top 100 include ORDI, Celestia, and OX Protocol. The total crypto market cap increased by approximately $100 billion over the past week and stands above $1.4 trillion on CMC.
Hot Take: Crypto Market Stability
The crypto market has shown signs of stability as Bitcoin hovers around the $37,000 mark and several altcoins experience minor movements. Ethereum and FTX have been among the top gainers in the past week due to positive speculations and regulatory nods. Overall, the total market cap has seen significant growth, indicating continued interest and investment in cryptocurrencies.
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