Bitcoin, the leading cryptocurrency, has historically experienced periods of dull price performance during the weekends. This trend continued during the most recent weekend, with little-to-no actual movements in its price. However, what is particularly noteworthy is the uncharacteristic stability observed in altcoins on a daily scale, with minimal fluctuations in their prices. Despite this overall stability, some altcoins, such as LINK, have experienced explosive growth over the past week.
The business week kicked off slowly for Bitcoin, as it maintained the momentum from the previous weekend and stalled at around $26,500. However, late on Monday, the bulls emerged and pushed the cryptocurrency above $27,400. Although there was an immediate retracement, Bitcoin made another bullish move on Tuesday, reaching a 20-day peak at just over $27,500. Unfortunately, it failed to sustain this upward momentum and began gradually declining in value.
A more significant drop in price occurred on Thursday, when Bitcoin slumped to a three-day low of $26,400. Despite a subsequent bounce, the overall landscape has remained stagnant, with Bitcoin unable to move beyond its current price range of $26,500. As a result, its market capitalization remains below $520 billion, and its dominance over other cryptocurrencies sits at 49.2%.
Similar to Bitcoin, altcoins have experienced a relatively uneventful 24 hours. Ethereum, Binance Coin, Ripple, Cardano, Polkadot, Polygon, and Litecoin have all seen minor losses. However, there are a few altcoins that have recorded insignificant gains, including Solana, Tron, Bitcoin Cash, Dogecoin, and Shiba Inu. Among the top 100 altcoins, Toncoin experienced a decline of over 2% within the past day. On the other hand, LINK has seen a jump of a similar percentage. Notably, Chainlink’s native token, LINK, has emerged as the best performer in terms of weekly gains among the top 100 altcoins, with a surge of 15%. It is followed by IMX (13%), CRV (9%), and LUNC (6.5%). Conversely, THORChain has witnessed the most significant slump within the same timeframe, with a decline of 10%.
The total market capitalization of the cryptocurrency market has experienced a slight dip compared to the previous day, currently sitting below $1.060 trillion. Despite the lack of significant movements in Bitcoin and altcoins, the overall market remains dynamic and continues to attract investor attention.
The weekend was relatively quiet for Bitcoin and altcoins, with minimal price movements observed. While Bitcoin experienced some brief bullish moments, it struggled to maintain its upward momentum and ultimately declined in value. Altcoins, on the other hand, remained relatively stable, with a few exceptions such as LINK, which saw significant growth. Despite the stagnancy in the cryptocurrency market, the total market capitalization continues to fluctuate and attract attention from market participants.