Bitcoin surpassed $49,000 for the first-time in more than a week, but failed to surpass it. It is now back at $48,000. Other coins are mostly in red except for Solana which rose by 4% to $160 in less than a day.
Bitcoin – $48K
The volatility of the week’s start saw bitcoin rise by $1,500, and then drop by $3,000 within minutes. However, the cryptocurrency experienced a steady price growth. It bounced back from Monday’s $43,300 low and gained more than $5,000 by Friday.
After a short retracement yesterday, the bulls rose again and drove the asset north. BTC reached a new high of $48,000 and continued climbing (on Bitstamp) to an all-time high of $48,900.
Bitcoin was about to challenge the $49,000 price limit, but the situation changed and it fell to $47,600 per day.
BTC has since recovered hundreds of dollars and is now worth more than $48,000. Even with the low trading volume on weekends, this is a remarkable feat. Bitcoinity data has shown that trading volume on weekends is significantly lower than weekdays. This time is no exception.
BTCUSD Source: TradingView
Solana Reclaims $160
Many alternative coins are slightly below their leader’s performance, with most of them in the red. Ethereum crashed at $3,500 and a 1.5% retracement within a day has brought the second-largest cryptocurrency to $3,450.
Cardano and Binance Coin, Ripple as well as Polkadot and Dogecoin have all suffered minor losses within a single day. After two consecutive days of setting painting prices records, Avalanche (-5%) lost the most. AVAX remains above $70.
Solana is one of the coins that has seen the largest gains due to the larger caps. The token has risen by 3% each day to $160
Cryptocurrency Market Overview. Source: Quantify Crypto
Unusually stable altcoins with lower and mid-cap sizes are also available. Cosmos is the only daily gainer in double digits with a 11% increase. ATOM has seen a 40% increase in one week, and is now close to $40.
In a day, the cryptocurrency market cap stood at $2.150 trillion.
Marla Brooks – Financial Analysis
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