The price of Bitcoin has found stability at $26K, while several alternative cryptocurrencies have experienced significant gains in the past week. Read our market watch report to discover which alts have soared the most and explore the latest trends in the crypto market.
Bitcoin Stabilizes at $26K After Volatility
After a period of heightened volatility, including significant price swings of over $2,500 in both directions, Bitcoin (BTC) has finally stabilized on a daily scale and is hovering around $26,000. This recent stabilization comes after weeks of mostly sideways trading.
One event that disrupted the sideways movement was Grayscale’s legal victory over the SEC regarding its GBTC, which sought to transition into a spot Bitcoin ETF. This court win caused a sudden surge in Bitcoin’s price, propelling it to break above the $26,000 level. In just a few hours, the cryptocurrency rose by over $2,000 to reach a multi-week high of above $28,000. However, this rally proved to be short-lived as Bitcoin retraced by $1,000 within the next 24 hours. The market conditions worsened further on Thursday and Friday, resulting in Bitcoin plummeting by over $1,500 and hitting an 11-week low of $25,350 on several exchanges.
Despite the volatility, Bitcoin managed to bounce back and regain most of its losses. It is currently trading just shy of $26,000, with a market cap of $505 billion and a dominance over altcoins at 48.4%.
Major Altcoins Experience Mixed Performance
While Bitcoin’s price swings grabbed the spotlight, most altcoins also witnessed similar movements, albeit with varying degrees of volatility. Some altcoins, such as Ethereum (ETH), XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC, recorded minor gains. On the other hand, BNB, SOL, and SHIB experienced slight losses.
Among the larger-cap altcoins, Uniswap’s native token (UNI) saw the most significant increase, with a 3% gain. However, the standout performers over the past week were TONCOIN, IOTA, and XDC. TONCOIN experienced a daily dip of 5% but recorded an impressive 25% increase over the week, making it the best-performing cryptocurrency during that period. IOTA and XDC also saw notable weekly gains of 13% and 12%, respectively.
As for the overall cryptocurrency market, the total market cap has remained relatively stable at just under $1.050 trillion on CoinMarketCap.