After an eventful and highly volatile trading week, bitcoin’s price movements calmed during the weekend, and the asset sits quietly at $63,000. Most altcoins have also stalled on a daily scale, but the weekly timeframe shows some impressive gainers.
Current Bitcoin Situation
The week started with a price decline that drove BTC from over $60,000 to under $58,000. More volatility was expected mid-week when the US Federal Reserve met to discuss lowering the interest rate. Once that meeting took place and the US central bank cut the rates by 0.5%, BTC went on a rollercoaster with several big moves. However, the bulls prevailed after the fluctuations and pushed the cryptocurrency from under $59,500 to over $64,000 registered on Friday. It became bitcoin’s highest price tag in over three weeks. Nevertheless, the asset failed to maintain its run and retraced by just over a grand. Since then, it has been predominantly trading sideways at around $63,000. Still, it’s up by 4.6% on a weekly scale, which has pushed its market capitalization to just over $1.240 trillion. Its dominance over the alts, though, has declined by 1% in the past few days to 54%.
Top Market Gainers
As mentioned above, the week quite well for most crypto assets. Ethereum is up by 7% in this timeframe and sits close to $2,700 now. SOL has increased by a similar percentage and is up to $147. BNB (5.5%) is above $585, SHIB has soared by 6%, while AVAX has gained almost 10% and trades north of $27. Nevertheless, the top gainers from the larger-cap alts are TAO (47%), SUI (37%), and APT (28%). As a result, TAO sits at $477, SUI is close to $1.5, and APT trades at $7.85.
Market Capitalization
The total crypto market cap has added over $100 billion since last Sunday and is up to $2.3 trillion now.
While bitcoin has stabilized at $63,000, some altcoins continue to show significant growth, positively affecting the overall market capitalization.
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