Bitcoin has finally calmed and remained relatively stagnant on a daily scale at around $26,500 after the massive volatility experienced during the business week.
Most altcoins are in a similar state with insignificant daily gains or declines, aside from APT, which is up by 6% today.
BTC Stalls at $26.5K
Last weekend was quite uneventful for the primary cryptocurrency, aside from a brief pump and dump at around $26,000. As such, the asset entered the working week in a calm manner, which continued for a few more days.
The US CPI numbers from Wednesday didn’t really change that, as BTC remained in a tight range at just over $26,000. The Fed’s decision to pause its interest rate hiking policy also didn’t affect bitcoin, but only at first.
The asset dumped hard just a few hours after the Fed’s announcement and plummeted to a three-month low of under $24,800 on Friday. As the markets shed billions of dollars in days and fear returned, the bulls finally intervened and didn’t allow any further declines.
Perhaps fueled by BlackRock’s filing for a Bitcoin Spot ETF, the cryptocurrency bounced off by a grand at first before it skyrocketed to a weekly high at $26,800 on Saturday morning.
It has lost some traction since then but still trades at around $26,500. Its market cap stands at $515 billion, and its dominance over the alts is just above 48%.
APT Steals the Show
The alternative coins went through similar volatility during the week but recovered most losses during yesterday’s run-up. Ethereum, for instance, had declined to just over $1,600, which was a four-month low. It pumped to $1,750 on Saturday but has slipped by 1% since then.
Binance Coin, which was harmed the most following the SEC’s lawsuit against Binance, charted a six-month low at $222 a few days back but is close to $250 now.
Ripple and Polkadot are slightly in the green from the larger-cap alts, while Cardano, Dogecoin, Tron, Solana, Polygon, and Litecoin are with minor losses. Shiba Inu has pumped by over 4%.
Aptos has gained the most from the top 100. APT is up by 6% and trades above $7.
The total crypto market cap has remained relatively still since yesterday at $1.070 trillion.
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Cryptocurrency charts by TradingView.
Jordan Lyanchev
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