Solana (SOL) Shoots Up 12% Daily, Bitcoin (BTC) Maintains $30K: Weekend Watch
Bitcoin went through a volatile end of the week in which it posted a new 13-month high before it slipped under $30,000 but has managed to defend that level.
The altcoins are calmer on a daily scale, aside from SOL, AVAX, LEO, ARB, and a few others, which have added some value.
BTC Defends $30K
The past weekend was quite uneventful, even though BTC went through a rollercoaster that drove it from $31,000 to $29,500 and back up to $30,500 in a matter of hours on Friday. Saturday and Sunday, though, were calm, with BTC remaining at just over $30,000.
It wasn’t until early Tuesday morning when the landscape changed, and BTC pushed above $31,000 once again. It was rejected there, but the bulls went on the offensive once again on Thursday, and this time, they managed to drive bitcoin north to $31,500 (on Bitstamp) for the first time in 13 months.
However, the asset failed there again and plummeted to $29,700 by Friday morning. Nevertheless, it bounced off and reclaimed the coveted $30,000 in the following hours and has remained just above that line since then.
Its market capitalization still stands at $585 billion, and its dominance over the alternative coins is just shy of 50%.
BTCUSD. Source: TradingView
SOL, AVAX on the Rise
The altcoins also experienced enhanced volatility in the past few days, but most have calmed on a daily scale. Ethereum had neared $2,000 at one point but was sharply rejected yesterday and currently stands roughly $150 away from that level.
Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, Tron, Polkadot, and Polygon are slightly in the green from the larger-cap alts.
Avalanche and Solana have stolen the show with gains of 7.5% and 13%, respectively. As a result, AVAX stands above $13, while SOL is north of $22.
Overall, the cumulative market cap of all crypto assets has managed to reclaim just over $10 billion in a day and sits above $1.8 trillion. Recall that the metric dumped by $50 billion yesterday alone.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.
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