After an extremely volatile and mostly positive week of trading, the Bitcoin price has finally calmed down at around $37,000.
The same cannot be said for numerous larger market cap altcoins, including Solana, Shiba Inu, Tron, Dogecoin and Avalanche.
BTC stalls at $37,000
The financial week started on a negative note as BTC fell below $35,000 due to lower trading volumes. However, things quickly picked up again on Tuesday, with bulls pushing the cryptocurrency to nearly $26,000.
Although the asset initially failed to overcome this level and fell back to $35,200, it reversed course on Wednesday evening and Thursday. On Thursday, it saw a massive surge that took it to an 18-month high of $38,000.
Nevertheless, the bears intercepted the move at this point and drove Bitcoin sharply lower. Within minutes, BTC fell below $36,000.
The bulls managed to intervene again and started to regain some of the lost ground. Nevertheless, BTC failed to rise above $37,600 and is currently sitting at around $37,000 after a weak 12 hours.
Its market cap remains above $720 billion and its dominance over altcoins is close to 51.5% at CMC.
BTCUSD. Source: TradingView
Financial transaction tax explodes amid rumors of a reboot
Ethereum has been among the top performers in recent days as BlackRock registered a trademark in Delaware to potentially file an ETH ETF spot in the US. The second-largest digital asset shot up over $200 in just a few hours, hitting a 7-month high of over $2,100 yesterday. However, ETH is now slightly in the red and is below $2,100. BNB has declined by a similar percentage.
On the other hand, XRP, LINK, ADA and LINK are recording marginal gains. However, Solana, Dogecoin, Tron, Polkadot, Shiba Inu and Avalanche have skyrocketed by more impressive percentages. For SOL and SHIB, the increases are in the double-digit range.
However, FTT is the frontrunner today. FTX’s native token is up 45% daily and 250% weekly. This comes amid rumors that the exchange could soon be revived. Even the SEC chairman outlined the conditions under which FTX could be reactivated.
The total capitalization of the crypto market has reclaimed the $1.4 trillion mark in the wake of recent price increases.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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