Bitcoin stalled over the weekend on lower trading volume but is still above $27,000.
Altcoins are also quiet on a daily basis, but some – like LDO, INJ, and QNT – have posted massive weekly gains.
BTC flat at $27,000
It’s been less than a week, Monday, when the major cryptocurrency embarked on a massive surge that has led to a three-week high of $28,500. This came after the US government’s first deal on the country’s debt ceiling.
However, the asset failed to climb further, touching $28,000 again on Tuesday. A significant price drop of $1,000 occurred on Wednesday, which was mimicked by a similar price drop a day later. Ultimately, BTC fell to a weekly low below $26,600 on Friday morning.
The bulls managed to intercept the move and help Bitcoin pare some of the losses through the weekend. The past two days have been rather uneventful as the cryptocurrency remains hovering around just above $27,000 amid typically low weekend trading volumes.
As a result, BTC’s total capitalization is still $525 billion and its dominance over altcoins is at the same level as yesterday – 45.9%.
BTCUSD. Source: TradingView
LDO, INJ, QNT post weekly gains
The larger-cap altcoins have mimicked BTC’s performance over the weekend, meaning there is little to no volatile movement. Despite a small daily setback, ETH still stands right at $1,900 after trading below and above this level throughout the week.
Binance Coin, Ripple, Dogecoin, Polygon, Litecoin, Shiba Inu, and Avalanche are all up less than 1% over the past 24 hours. ADA, SOL and DOT are up about 1-2%.
Yesterday’s top performer – TRON – has seen a sharp drop of almost 5% today. A look at the weekly scale charts paints a different picture for multiple alts. Lido DAO, Injective, and Quant are all up over 15% over the past seven days.
Overall, however, the cryptocurrency market cap has remained relatively low over the past two days, standing at just under $1.150 trillion.
Overview of the cryptocurrency market. Source: Quantify Crypto
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