BTC Boring at $26K
Bitcoin was in a similar situation the week before last, meaning it stagnated for around $29,000 before a stunning price dump that sent it south by over $3,000 to chart a two-month low. Bitcoin was in this situation because it had stopped for weeks at approximately $29,000. It attempted to recover some of the damages but ultimately decided to settle for $26,000.
The previous weekend’s activities were unremarkable, and the asset’s value remained stable at around the same level. There was very little movement at the beginning of the business week, and BTC could not progress.
It did so for the first time on Wednesday, falling by more than $500. Conversely, the bulls promptly countered the bears’ move and pushed the bitcoin price upward. Bitcoin experienced a more substantial price surge this past Thursday, which propelled the cost to a new all-time high of $26,800.
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Despite this, BTC could not break through the $26,000 barrier and instead fell back to its previous level, where it has remained for the past 48 hours. As a direct consequence, its market value has stayed below $510 billion, and its dominance over alternative cryptocurrencies is close to but not quite at 48.5%.
The Weekly Losses
The price fluctuations of alternative coins have been relatively sluggish over the past few days, and the weekend did not bring about any significant changes in this regard. This is even though alternative coins are more volatile by nature.
Aside from TONCOIN, which is up by more than 3% today, the majority of other larger-cap altcoins are either with modest increases, such as in the case of Ripple, Cardano, Ethereum, Solana, Dogecoin, and Polkadot, or with insignificant losses, such as BNB. TONCOIN is the only exception to this rule.
On the other hand, the weekly performances are considerably different, with PEPE’s dramatic 20% drop serving as the primary example. This occurred earlier this week amid allegations of doxxing the developer of the meme coin and questionable transfers.
RUNE, APE, and XDC have all experienced declines of up to 17% over the past week.
Despite this, the overall value of all cryptocurrencies on the market has practically remained unchanged at $1.050 trillion since yesterday.