Bitcoin’s recent price fluctuations have shown a marked decline in volatility, especially in the aftermath of the heightened turbulence witnessed last Friday. The majority of alternative cryptocurrencies, known as altcoins, appear to be following suit, albeit with relatively minor downward shifts. Among these, Avalanche stands out as it has experienced the most significant drop today; nevertheless, it still maintains a position above the $10 mark.
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BTC Stabilizes at $28K Merely a week ago, on the cusp of Sunday and Monday, the primary cryptocurrency embarked on an impressive upward trajectory, resulting in a surge of over $1,500. This meteoric ascent culminated in a six-week peak of $28,600 (as per Bitstamp) by Monday evening.
However, this bullish momentum proved unsustainable, leading to a rapid erosion of most of its gains. This was followed by a period of sideways trading, punctuated by another price surge that briefly pushed the price slightly above $28,000. This subsequent rejection, though, was more forceful and sent BTC plummeting by just over a thousand dollars.
Fortunately for the bulls, they swiftly intervened, preventing further decline. Bitcoin rebounded and once again crossed the $28,200 threshold during the weekend. Since then, the cryptocurrency has found itself in a state of relative stasis, hovering around the $28,000 mark, with minimal movement in either direction.
As a result, BTC’s market capitalization remains unchanged at $545 billion, but its dominance over the realm of alternative cryptocurrencies has inched up by another 0.1% and now hovers just shy of 50% on CoinMarketCap.
Top Performers of the Week A cursory examination of the daily charts in the altcoin space reveals a sea of red, with most coins experiencing modest retracements ranging from 1% to 3%. Binance Coin, Solana, Cardano, Toncoin, Polygon, and Polkadot all find themselves in this category. Ethereum, Ripple, Dogecoin, Tron, Litecoin, and Bitcoin Cash have fared slightly worse, losing up to 1% in value. Meanwhile, Avalanche, despite its recent prominence as a top performer, has witnessed a decline of 5.5%, possibly in response to unfavorable developments within one of its native projects. Nonetheless, AVAX maintains a trading price above the $10 threshold.
Zooming out to a weekly perspective, several cryptocurrencies have managed to shine amidst the sea of red. Trust Wallet Token leads the pack with an impressive weekly surge of 27%, pushing its price to $1. RNDR and BSV closely follow suit, with gains of 17% and 11%, respectively.
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