After a relatively quiet weekend, Bitcoin faced a sharp decline in its price, dropping by approximately $2,000 and reaching a low of $40,600. However, the bulls quickly intervened and prevented further losses, initiating a significant surge. Bitcoin managed to climb as high as $43,500 before losing momentum and slipping back below $42,000. Nonetheless, the cryptocurrency has managed to recover most of its daily losses and is currently trading close to $43,000.
Despite the price fluctuation, Bitcoin’s market capitalization has dipped slightly to just under $440 billion. Nevertheless, its dominance in the crypto market remains strong, surpassing 52%. This indicates that Bitcoin maintains its position as the leading cryptocurrency, even amidst the volatility and the rise of alternative coins.
While Bitcoin struggled to regain momentum, some larger-cap altcoins experienced impressive gains. Binance Coin (BNB), following its recent settlement with US authorities, surged by 5% and is currently trading near $260. Solana (SOL) and Avalanche (AVAX) also posted daily gains of 3% and 4% respectively. On the other hand, Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) witnessed minor retracements, with losses ranging between 1% and 2%.
Among the top 100 altcoins, several cryptocurrencies stood out with notable price increases. Near Protocol (NEAR), Stacks (STX), and Sei (SEI) recorded the highest gains, with NEAR surging by an impressive 17%. Injective Protocol’s native token (INJ) demonstrated exceptional performance on a weekly scale, experiencing a surge of 75%. In the past 24 hours alone, INJ has gained 11% and is currently trading above $11.
The total crypto market cap has experienced a slight retraction but remains above $1.6 trillion on CoinMarketCap (CMC). This indicates that despite the volatility and price fluctuations, the overall cryptocurrency market continues to maintain strength and stability.
Bitcoin’s price faced significant challenges throughout the week, struggling to regain its momentum above $43,000. While some larger-cap altcoins such as Binance Coin, Solana, and Avalanche performed well, others like Ethereum, Cardano, and Dogecoin experienced minor retracements. Notable performers in the altcoin market included Near Protocol and Injective Protocol’s native token, demonstrating impressive gains. Overall, the crypto market cap retracted slightly but remained above $1.6 trillion, reflecting the underlying resilience of the market amidst the volatility. Investors and traders continue to closely monitor the market to seize potential opportunities in this ever-changing landscape.
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