Bitcoin has finally settled down after massive mid-week volatility and stands just above $29,000.
Altcoins are also sitting quietly today, with Solana being the only notable winner from the larger caps.
BTC holds $29,000
The past working week started rather quietly as bitcoin continued to trade sideways in a tight range around $27,500. The landscape changed Tuesday as bulls initiated a massive surge that ultimately propelled the cryptocurrency to $30,000.
This was short-lived, however, as false US government panics and Mt. Gox wallets sent the asset south. In fact, BTC wiped out all gains within minutes and collapsed back down to $27,000.
As the news turned out to be fake, Bitcoin went on the offensive again, this time recouping almost all of its losses. As such, yesterday it came within inches of tapping $30,000 but ultimately failed. Although bitcoin is down several hundred dollars since then, bitcoin is still trading above $29,000.
Its market cap is close to $570 billion, while its dominance over the alternative coins has regained some ground, topping 47%.
BTCUSD. Source: TradingView
INJ Jumps 17% Weekly
Alternative coins faced similar volatility mid-week but have calmed down over the past few days. Ethereum, for example, surged above $2,000 before crashing below $1,800. However, the largest altcoin has since reclaimed over $100 and is currently just inches above $1,900.
Binance Coin has also been up and down but is now trading above $320 despite a minor daily decline. Cardano, Polygon, Litecoin, Shiba Inu, and Avalanche are also slightly down on the day.
Ripple, Dogecoin, Polkadot, and Tron, on the other hand, have posted insignificant gains. Solana is up the most of the large-cap alternatives as it is up 3% to trade above $23.
ICP, yesterday’s top performer, is back on the move adding another 5.5% of value.
On a weekly level, INJ has taken the main stage with a remarkable 17% surge. As a result, the asset is trading near $8.5.
The total crypto market cap has held the $1.2 trillion level since yesterday despite the lack of significant volatility.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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