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Bitcoin has calmed down after Friday’s volatility, which saw it move a lot and remain relatively still at $30,500.
Altcoins are also less volatile today, as is usually the case during the weekend, with SOL emerging as the biggest gainer from the large caps.
BTC above $30K
Bitcoin declined last week as it surged from $26,500 to over $31,000 and set a new multi-month high. The bears tried to intervene, but only managed to halt BTC’s rise, with the asset stuck in a range between $30,000 and $31,000 for the past seven days.
That all changed on Friday after reports that the SEC may reject the latest bitcoin spot ETF applications filed by BlackRock, Fidelity and others because they allegedly lacked key information.
BTC reacted with an immediate drop, taking it from $31,000 to a 10-day low of $29,500 (on Bitstamp). However, the bulls stepped in and pushed the cryptocurrency north shortly after, resulting in a recovery to $30,500 on Saturday.
The last 24 hours have been fairly quiet, with the asset remaining around the same time. Thus, its market capitalization is still less than $600 billion, and its dominance over altcoins is less than 50%.
SOL eyes $20
The past few weeks have also seen an impressive increase in the prices of altcoins, some of which have emerged as the hottest. Such was the case with Bitcoin Cash, which at one point exploded more than 100% weekly and recorded a 14-month high above $320 earlier this week.
Similar was the case with LTC yesterday as it also made a new 14-month high above $110. However, the scenario is less volatile now, with LTC, DOGE, ETH, TRX, DOT, BCH, and SHIB suffering negligible losses.
In contrast, XRP is up almost 3% but still below $0.5, and SOL has jumped almost 5% to over $19.
The total crypto market cap added less than $10 billion a day, but CMC has managed to tap $1.2 trillion.
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cryptocurrency chart by Tradingview.
