With bitcoin at $23,000, the weekend brings little to no significant movements in the crypto market. ADA is one of the few exceptions to this calm trend, which follows a 5% daily rise.
Bitcoin Stalls at $23K
The last seven days have been quite good for the primary cryptocurrency. After a week of losses below $19,000, the asset recovered and was trading at $22,000 on Monday.
BTC was pushed further north by the bulls who maintained control of the market. The result was a price rise to just above $24,000 on Wednesday. This was bitcoin’s highest price in more than a month.
The landscape was changed when it became clear that Tesla had sold most of its BTC holdings during Q2 due the COVID-19 lockdowns China. Bitcoin quickly reacted and dropped by more than $2,000 within hours.
It bounced back and was close to $23,000. Yesterday’s trading session saw it spend most of the day there and is still there today. Its market cap remains below $450 billion and its dominance is at 41.6% over other alts.
BTCUSD. Source: TradingView
DA Leads The Way
This weekend is quite different from the previous weekend. Most altcoins performed well, but this time the situation is quieter.
After a slight daily increase, Ethereum continues to enjoy its gains. The second-largest digital currency has now reclaimed $1600.
MATIC, Ripple and Dogecoin are all slightly in the red. Cardano, which has a 5% daily gain, is the largest gainer among the larger-cap alts. ADA trades at just $0.5.
Contrary to this, BNB and Solana, Dogecoin Shiba Inu and Shiba Inu are in the red.
Many of the smaller and mid-caps also remain very stagnant on an average daily basis. It’s not surprising that crypto assets have remained relatively calm at a cumulative market capital of $1.050 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
Marla Brooks – Financial Analysis
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