Bitcoin’s consolidation continues as the asset has stalled above the $21,000 level. Most altcoins have also calmed today after the recent volatile ride, with the most impressive gains coming from Cardano and Dogecoin.
Bitcoin Stands Tall Above $21K
Following the massive turbulence and substantial price declines BTC experienced in the middle of June, the past seven days brought some sort of a recovery phase for the asset. Just last Sunday, it plummeted to an 18-month low of $17,500.
However, Monday started on a better note as the cryptocurrency bounced off and even neared $20,000. Although it failed to reclaim that level at first, it did so a few days later.
Thus, BTC found itself trading above $21,500, a weekly high, as the bulls tried to regain control over the market. Bitcoin was rejected there at first and slipped below $20,000 after Fed Chair’s latest affirmation about continuing to raise the interest rates.
Since then, the asset has gradually reclaimed some value and is close to $21,500 once again as of now. Its market cap has remained above $400 billion, but the dominance over the alts is under 42.5%.
BTCUSD. Source: TradingView
DA and DOGE Lead the Way
The alternative coins went through a similar roller-coaster but are calm on a daily scale.
Ethereum dumped from over $2,000 to $900 in a week or so. Since then, ETH has reclaimed more than $300 of value and now trades above $1,200.
BNB sits around $240 after a minor daily retracement. Similar price movements are evident from Ripple, Solana, Polkadot, TRON, and Avalanche.
In contrast, Cardano and Dogecoin are up by around 3% in a day to above $0.5 and $0,07, respectively. From the mid- and lower-cap alts, Litecoin and FTT have increased by up to 4%.
More gains come from The Sandbox, ApeCoin, and Mana. Ultimately, the cumulative market cap of all crypto assets has increased by around $20 billion in a day and has neared the coveted $1 trillion mark.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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