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After experiencing massive volatility during the trading week, bitcoin has finally calmed down and remained relatively stable on a daily scale around $26,500.
Most altcoins are in a similar position with daily gains or losses, except for APT which is up 6% today.
BTC stalls at $26.5K
Last weekend was pretty uneventful for the primary cryptocurrency, apart from a brief pump and dump to around $26,000. Thus, assets entered the working week in a calm manner, which continued for a few more days.
The US CPI numbers were virtually unchanged from Wednesday as BTC remained in a tight range above $26,000. The Fed’s decision to stop its interest rate hike policy also did not affect bitcoin, but only initially.
The asset fell heavily in the hours following the Fed’s announcement and fell below a three-month low of $24,800 on Friday. As markets shed billions of dollars in days and fear crept back in, bulls finally intervened and prevented further declines.
Perhaps spurred by BlackRock’s filing for a bitcoin spot ETF, the cryptocurrency jumped a grand at first before hitting a weekly high of $26,800 on Saturday morning.
It has lost some traction since then but is still trading around $26,500. Its market cap is $515 billion, and its dominance of alts is just above 48%.
apt steals the show
Alternative coins went through similar volatility during the week but suffered the most during the run-up to yesterday. For example, Ethereum fell to just over $1,600, a four-month low. It rose to $1,750 on Saturday, but has lost 1% since then.
Binance Coin, which suffered the most after the SEC lawsuit against Binance, hit a six-month low of $222 a few days ago, but is now near $250.
Ripple and Polkadot are in the green from large-cap alts, while Cardano, Dogecoin, Tron, Solana, Polygon, and Litecoin are with minor losses. Shiba Inu has pumped over 4%.
Aptos has made the most gains in the top 100. APT is up 6% and trading above $7.
Total crypto market cap has remained relatively stable since yesterday at $1.070 trillion.
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cryptocurrency chart by TradingView.
