This weekend is very similar to last weekend as there is little-to-no significant movement in the crypto market. Bitcoin halved around $21,000, while most altcoins are slightly in the red as trading volumes turned lower on a monthly basis.
Bitcoin $21K . sits tight on
As the end of last weekend approached, including Monday, which was a national US holiday, the primary cryptocurrency turned aggressive and surged to $20,000. It took a few tries, but it eventually broke above that level and continued to scale new highs in the following days.
Thursday saw the most significant price increase as BTC moved just shy of $22,500. This became the asset’s highest price level since mid-June.
The bulls were hoping for another leg up at this point, but failed and bitcoin retreated by a few hundred dollars. It dropped below $22,000 yesterday and is now well above $21,000.
However, it is worth noting that according to Bitcoin, the total trading volume yesterday fell to its lowest level in a month.
Despite the modest daily retracement, BTC’s market cap is still above $400 billion, and its dominance over altcoins is just over 43%.
Altcoins Still Standing
Commonly known for their high levels of volatility, altcoins have performed unexpectedly over the past few days, with little to no movement.
Ethereum has lost almost 3% of its value in the past day and declined below $1,200. Just a few days ago, the asset crossed a multi-week high above $1,250.
BNB, Solana and Polkadot fell by the same percentage in one day to below $240, $40 and $7.1 respectively.
Ripple, Cardano, Dogecoin, Tron and Avalanche are also slightly red, while Shiba Inu is up over 1%. Litecoin has been the biggest gainer from large-cap alts with a gain of 4%.
The cumulative market capitalization of all crypto assets is almost at the same level as yesterday, just under $950 billion.
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Cryptocurrency charts by TradingView.