Bitcoin has settled at $23,000, and the asset continues to remain stable. As expected, there are more fluctuations from many altcoins.
Ethereum reached a weekly record by claiming $1,700. Meanwhile, ETC, AVAX and Polkadot were up approximately 5% per day.
ETH at Local Peak
Alternative coins experienced some declines during the middle of the week, but then reversed their trend in the next few days.
On a few occasions, Ethereum fell to $1600. It rose to $1,650 yesterday and a 3.5% rise has made it the second-largest cryptocurrency to be over $1,700. This is the highest ETH price in just over a month.
ETH is also on the rise against BTC, with the trading pair at a 3-month peak.
The largest-cap alts have seen the greatest gains, with Polkadot and Avalanche seeing an average of 5-6% per day. NEAR Protocol, FIlecoin and other mid-cap alts have seen the greatest growth. Both have skyrocketed by double digits.
The crypto market cap has grown by a few billion more and now exceeds $1.1 trillion.
Overview of the Crypto Market. Source: QuantifyCrypto
Bitcoin Stalls at $23K
The altcoins have fluctuated over the last few days while bitcoin has remained relatively stable. At the end July, the primary crypto had reached a multi-week high of $24,600 but then crashed and began retracing.
In the days that followed, bitcoin fell below $23,000 The asset settled at that level and has remained there ever since. It trades at the same level now, which is somewhat unexpected.
Altcoins have been outperforming bitcoin in most cases, so the dominance of bitcoin has suffered. The metric has fallen below 41%, and is close to being dumping below 40%.
BTC’s market capitalization remained at just below $450 billion.
BTCUSD. Source: TradingView
Marla Brooks – Financial Analysis
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