Trading volume has declined over the weekend, resulting in BTC failing to produce any notable moves in either direction.
Altcoins have also faltered for the day, while XRP has emerged as one of the best performers over the past seven days.
Bitcoin boring at $27.5k
A lot has happened in the cryptocurrency industry over the past few weeks and Bitcoin has now, as expected, taken a pause.
The asset exploded from under $20,000 to over $28,000 during the US banking crisis, which even spread to Europe when UBS was forced to buy Credit Suisse and Deutsche Bank shares, which plummeted. The Fed’s recent rate hike on Wednesday brought more volatility to BTC, which fell by $2,000 in hours.
However, the bulls came back to play almost immediately and Bitcoin briefly surged above $29,000 on Friday. After another 9-month high above this level, the cryptocurrency fell back below $28,000 where it has remained for the past few days.
Its market cap has stayed below $540 billion while its dominance over the altcoins still stands at 46.2%.
BTCUSD. Source: TradingView
XRP up 21% weekly
Given the declining trading volumes across all charts, expect the altcoins to have remained relatively stable on a daily basis. Ethereum is trading near $1,800 after a minor 1.3% surge. Similar gains are seen in Binance Coin, Dogecoin, MATIC, Solana, Litecoin, Tron, and Avalanche.
Ripple is the only top 10 altcoin with a more significant price increase. XRP is up nearly 4% in one day and more than 21% in the past week. That puts the asset just above $0.45.
ARB has erased some of yesterday’s losses and is up 6.5% to nearly $1.3. LDO, XMR, and XLM are the other top performers among mid-cap alternatives, as all are up about 3%.
The total crypto market cap is at the same spot as yesterday at $1.150 trillion.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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