Bitcoin tried to recover some of its recently lost value in the past 24 hours but was stopped in its tracks and is back down to $22,300.
The altcoins are quite stagnant on a daily scale, with EOS losing all of its yesterday’s gains.
Bitcoin Maintains $22K
The low trading volumes of last weekend helped bitcoin remain around $23,000 for most of it. The start of the working week saw the asset pushing toward $24,000. In fact, BTC managed to tap that level once on Wednesday, but that was a brief and unsuccessful attempt to reclaim it.
The cryptocurrency remained stuck in a range between $23,000 and $24,000 for most of the week until Friday. This is where the landscape changed amid the Silvegate issues. Bitcoin plummeted by over $1,000 in minutes and fell to an 18-day low of just under $22,000.
Nevertheless, some crypto analysts continue to debate the potential reasons behind this drop. Still, BTC managed to bounce off and reclaims some value. It even spiked to $22,600 during the weekend but failed and retraced back down to $22,300.
Its market cap has remained around $430 billion, and its dominance over the alts is just above 42%.
Alts Stand Quiet
The alternative coins experienced similar volatility on Friday when most turned red, but the past 24 hours have been quite uneventful. Ethereum, Ripple, OKB, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are with minor daily losses.
EOS was yesterday’s best performer but has lost almost all gains today and trades back down to $1.2.
More losses are evident from Avalanche, Toncoin, Stellar, and others. In contrast, QNT has added 3% of value and trades close to $130.
Despite the painful few days at the end of the week, the crypto market cap has managed to defend the coveted $1 trillion line.
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Cryptocurrency charts by TradingView.
Jordan Lyanchev
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