While the price of Bitcoin and some of the larger altcoins remained relatively sluggish over the weekend, others, such as SOL, AVAX and DOT, continued to rise.
Avalanche’s price surge is particularly impressive as the asset rose by 30% overnight.
BTC stalls at $37,000
A lot can change in the cryptocurrency market in a week, which is the case now. On Tuesday, the key digital asset fell to $34,500 after failing to break above $35,000 despite several attempts.
However, at this point, bulls took the lead and pushed BTC sharply higher. Two days later, the asset shot up to $38,000 for the first time in a year and a half. There it was forcibly rejected and within a few hours more than two thousand dollars were dumped.
Nevertheless, it recovered and rose to $37,500 yesterday. It has since failed to maintain its upswing, but is currently trading above $37,000.
This means that its market cap is still above $725 billion, but its dominance over alts has taken another hit, falling to 51% on CMC.
BTCUSD. Source: TradingView
SOL, AVAX on the road to success
Solana’s native cryptocurrency has been one of the top performers recently. The last 24 hours have only solidified this as the asset has risen another 10%. On a weekly basis, SOL is up more than 40% and is trading near its multi-month high of $60.
However, the daily price development of AVAX is in a class of its own. Avalanche is up 30% and is currently trading above $18.
Chainlink, Polkadot, Aptos, Near and RUNE have all posted impressive gains. In the case of RUNE, the daily increase is 25%.
The total crypto market cap has been growing by around $20 billion daily and is well over $1.4 trillion at CMC.
Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.
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