Bitcoin tried to recover some of its recently lost value in the past 24 hours but was stopped in its tracks and is back down to $22,300.
The altcoins are quite stagnant on a daily scale, with EOS losing all of its yesterday’s gains.
The low trading volumes of last weekend helped bitcoin remain around $23,000 for most of it. The start of the working week saw the asset pushing toward $24,000. In fact, BTC managed to tap that level once on Wednesday, but that was a brief and unsuccessful attempt to reclaim it.
The cryptocurrency remained stuck in a range between $23,000 and $24,000 for most of the week until Friday. This is where the landscape changed amid the Silvegate issues. Bitcoin plummeted by over $1,000 in minutes and fell to an 18-day low of just under $22,000.
Nevertheless, some crypto analysts continue to debate the potential reasons behind this drop. Still, BTC managed to bounce off and reclaims some value. It even spiked to $22,600 during the weekend but failed and retraced back down to $22,300.
Its market cap has remained around $430 billion, and its dominance over the alts is just above 42%.
The alternative coins experienced similar volatility on Friday when most turned red, but the past 24 hours have been quite uneventful. Ethereum, Ripple, OKB, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are with minor daily losses.
EOS was yesterday’s best performer but has lost almost all gains today and trades back down to $1.2.
More losses are evident from Avalanche, Toncoin, Stellar, and others. In contrast, QNT has added 3% of value and trades close to $130.
Despite the painful few days at the end of the week, the crypto market cap has managed to defend the coveted $1 trillion line.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Crypto Market Cap Maintains $1T as Bitcoin Stands Above $22K: Weekend Watch appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
