Bitcoin at $30K Heading for First Green Week After 9 in Red (Market Watch)

Although bitcoin is still struggling below $30,000, it is close to ending its nine-week-long streak of negative weekly streaks. Some altcoins like Solana or Avalanche have seen impressive recovery today.

Bitcoin to End the Negative Weekly Streak

After BTC spiked to more than $10,000 in 14 days, BTC began what would later become its longest retracement, in terms of weekly candles.

Bitcoin broke the previous record of six consecutive red candles at the beginning of May and now has its ninth. The asset lost $20,000 and fell to a one-and-a half year low.

BTC closed last Wednesday at $29250 (on Bitstamp), after which it bounced back and even jumped to more than $32,000 days earlier. It failed to recover from that and is currently trading below $30,000 It’s still several hundreds of dollars higher than $29,250 and is on the brink of ending its negative streak.

BTC is now worth close to $30,000, meaning that its market cap is still $565 billion. However, it is more than 46% ahead of the alts.

BTCUSD. Source: TradingView

AVAX and SOL lead the way

Altcoins have been following BTC’s lead lately and Ethereum fell from more than $2,000 to less than $1,800. After a small daily increase, the second-largest cryptocurrency is now close to the former. BNB is in a similar spot to yesterday, near $300.

Cardano and Ripple have experienced insignificant daily gains while TRON, Polkadot and Shiba Inu have suffered minor losses.

Avalanche and Solana are the top performers among the larger-cap alts. SOL has risen by 5% to nearly $40 per day, while AVAX traded at $25 after an 8% surge.

At just over $1.2 trillion, the crypto market cap has remained relatively calm.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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