Bitcoin (BTC) Loses $26,000 Again, Stellar (XLM) Defies Market Sentiment: Weekend Watch

Bitcoin rose to a multi-day high of over $26,400 yesterday, but that was short-lived and the asset has returned to familiar levels below $26,000.

Altcoins are also slightly in the red today, with BNB, ADA and SOL down over 1%.

BTC fails at $26,000

Bitcoin’s price performance has been less than impressive over the last 10 days or so, since the price shot up by $2,000 and then plunged by nearly $3,000 days later following Grayscale’s victory over the SEC.

The subsequent strong rejection pushed the asset to an 11-week low of $25,350. At this point, the bulls finally gained ground and helped Bitcoin gain some ground leading up to the last weekend. Therefore, BTC was calmly below $26,000.

The following days, including most of the business week, were uneventful and the cryptocurrency remained stuck in the same place. Yesterday it finally managed to make an upward move as it rose to a multi-day high of over $26,400.

However, this turned out to be a false breakout and BTC lost all momentum and is now trading below $26,000 again. Its market cap is still just over $500 billion and its dominance over altcoins has fallen back to 48.3%.

BTCUSD. Source: TradingView

XLM in green

Most alternative coins have mimicked BTC’s performance recently, with slight gains yesterday and subsequent declines today. Ethereum, Ripple, Dogecoin, Tron, Polkadot, Polygon and Shiba Inu are all down as much as 1%.

Further losses occurred on Binance Coin, Cardano, Litecoin and Solana, with SOL down around 2%.

Stellar’s native token is the only notable exception to the larger market cap altcoins. XLM is up over 4% in a day and is trading above $0.13.

Of course, the total market cap also lost yesterday’s gains, falling back to $1.040 trillion at CMC.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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