Market Overview
Bitcoin’s price action has calmed once again during the weekend, with the asset retracing by a grand since the $66,500 peak registered earlier.
BTC Falls Short at $66K
Last weekend went in a similar fashion, as the largest digital asset slipped from $64,000 to around $63,000. However, it went on the offensive once again on Monday and jumped past $64,500.
After a brief retracement, the asset aimed at that level once again but was stopped on Thursday and pushed below $63,000. This is where the bulls really stepped up on the gas pedal and propelled a rally that drove bitcoin to $66,500 on Friday morning. This became its highest price tag in about two months.
BTC has lost some traction since then, dropping to $66,000 yesterday and slipping south by another $500 despite the massive inflows toward the spot Bitcoin ETFs in the States.
Despite the setback, the asset is still up by 4% on a weekly scale. Its market cap has declined slightly to just under $1.3 trillion, but its dominance over the alts is up to 53.9% on CG.
XRP on the Run
Most larger-cap alts have mimicked BTC’s performance in the past 24 hours with minor losses. ETH and BNB have declined by just over 1% to $2,646 and $595, respectively. TON, AVAX, and SHIB have dumped by up to 3% in a day, and so have APT, XMR, STX, KAS, and others.
Dogecoin is among the few with notable increases on a daily scale, gaining more than 3% and sitting above $0.125 amid speculations that it could surge to $0.15 soon.
However, XRP has emerged as the top performer since yesterday, soaring by 6% and now trading close to $0.63, which is its highest level since August 8.
Total Crypto Market Cap
Despite the mixed performance of the crypto market, the total crypto market cap has seen a decline of $30 billion overnight and is currently below $2.4 trillion.
Conclusion
The weekend’s price action has calmed down, and most altcoins have corrected on a daily scale. Despite the setback, Bitcoin has still managed to hold on to its gains and maintain its dominance over the altcoins. The mixed performance of the crypto market will likely continue, and investors will need to remain cautious and vigilant to navigate the ups and downs.
FAQs
What has happened to Bitcoin’s price action over the weekend?
Bitcoin’s price action has calmed down, retracing by a grand since the $66,500 peak registered earlier.
Has the total crypto market cap changed?
Yes, the total crypto market cap has declined by $30 billion overnight and is currently below $2.4 trillion.
Which altcoins have performed well?
XRP has emerged as the top performer, soaring by 6% and now trading close to $0.63, which is its highest level since August 8. Dogecoin has also gained more than 3% and sits above $0.125.
Has Bitcoin’s market dominance changed?
Yes, Bitcoin’s market dominance has increased to 53.9% on CG.
Will the mixed performance of the crypto market continue?
Yes, the mixed performance of the crypto market will likely continue, and investors will need to remain cautious and vigilant to navigate the ups and downs.
