COMP, MKR, AAVE gain in triple digits weekly, BTC loses $31K: A look at the weekend

Bitcoin’s attempt above $31,000 appears to be short-lived, at least for now, as the asset has pulled back just below that level.

Most stocks are slightly in the red even on the daily scale, but the weekly chart is a completely different story for COMP, MKR, AAVE and other assets.

BTC below $31K again

Bitcoin went through an extremely volatile trading day last Friday when it fell from $31,000 to a 10-day low of $29,500 in a matter of minutes. This comes after a report that the US SEC deemed the recent Spot Bitcoin ETF filings “inadequate”, which is believed to be a sign that the regulator may reject them again.

However, the Bulls stopped the move and allowed no further losses. BTC went back on the offensive and reclaimed the $30,000 line almost immediately.

The weekend was peaceful, with the cryptocurrency stuck around $30,500. There were no fireworks on Monday, but bitcoin finally started an uptrend on Tuesday, taking it to $31,250 for the third time in about a week.

However, the asset failed to decisively surpass the $31,000 level and is currently trading well below it. As such, its market cap has fallen below $600 billion, while its dominance of alts still stands at 49.6%.

COMP, MKR, AAVE on weekly rise

Most altcoins have copied the 24-hour performance of BTC and turned red. Ethereum and Binance Coin are down just over 1% to below $1,950 and $245, respectively.

Ripple, Cardano, Polkadot, Polygon and Avalanche are also in the red. Litecoin and Bitcoin Cash, which were top performers last week after hitting 14-month highs, have once again fallen between 3-4%. As a result, LTC is at $105, while BCH is below $275.

On the weekly scale, Compound, Maker, and Aave have taken the lead as all three native coins are up three digits. MKR is up 46%, Comp 43% and AAVE is up $30.

Overall, however, the total crypto market cap declined by just over $10 billion in a day and sat at $1.2 trillion on the CMC.