Bitcoin’s Price Calms After Volatility
After experiencing increased volatility on Friday, Bitcoin’s price has stabilized. This calmness is also reflected in most altcoins, with minor downward movements. Avalanche has seen the biggest decline today but is still trading above $10.
BTC Stabilizes at $28K
About a week ago, Bitcoin began a significant upward trend, reaching a peak of $28,600 on Monday evening. However, it quickly lost most of its gains and entered a period of sideways trading. Another price pump pushed it just above $28,000 before facing rejection and dropping by over $1,000. The bulls intercepted this decline, causing Bitcoin to bounce back and surpass $28,200 on Saturday. Since then, the price has remained around $28,000 without much movement in either direction. BTC’s market cap remains at $545 billion, and its dominance over altcoins has increased to nearly 50%.
Top Performers This Week
Looking at the daily charts of altcoins, it’s clear that most of them are in the red. Binance Coin, Solana, Cardano, Toncoin, Polygon, and Polkadot have all retraced by 1-3%. Ethereum, Ripple, Dogecoin, Tron, Litecoin, and Bitcoin Cash have lost up to 1%. Avalanche has experienced a 5.5% decline due to recent negative developments in one of its native projects. However, AVAX is still trading above $10. On a weekly scale, Trust Wallet Token has surged by 27% to reach $1. RNDR and BSV have also seen notable gains of 17% and 11%, respectively. The total crypto market cap remains below $1.1 trillion.
Hot Take: Bitcoin and Altcoins Stabilize After Volatile Week
Following a period of increased volatility, Bitcoin and most altcoins have stabilized. Bitcoin’s price remains around $28,000, with little movement in either direction. While altcoins have experienced minor downward movements, there are still notable gainers on a weekly scale. Despite failing to surpass the $1.1 trillion mark, the total crypto market cap continues to hover just below it. It will be interesting to see if this period of calmness persists or if we can expect further price movements in the near future.
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