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    Home » Market Updates » Bitcoin Stagnant Amid $40K: Solana Soars 14% (Market Watch)

    Bitcoin Stagnant Amid $40K: Solana Soars 14% (Market Watch)

    Author: Jordan Lyanchev

    Last Updated Jul 31, 2021 @ 08:12

    The altcoins have been on a roll since yesterday led by impressive gains from Solana, Ripple, Bitcoin Cash, and Uniswap. Bitcoin stands still around $40K.

    After gaining $6,000 in a few days, bitcoin’s price has calmed around the coveted $40,000 mark. Some alternative coins have outperformed their leader in the past 24 hours with notable gains from XRP, UNI, LINK, and SOL.

    SOL Rises 14% as ETH Touches $2.4K

    The past several days have been highly bullish for the alternative coins. Ethereum is a prime example as it dropped to $1,720 early last week, but it has been on a tear ever since.

    ETH has added roughly $700 of value and earlier today registered a six-week high of about $2,460 (on Bitstamp). Despite retracing slightly, the second-largest crypto still stands at around $2,400.

    Binance Coin (2%), Cardano (2%), Dogecoin (1%), Polkadot (3%), and Litecoin (1.5%) are also in the green. However, XRP, UNI, BCH, and LINK have increased by 5-6% in a day.

    Furthermore, Solana is the biggest gainer from the larger-cap altcoins, following a near 14% surge to $32.

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    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto

    More gains come from Quant (21%), Flow (20%), Ontology (14%), Siacoin (10%), and OMG Network (10%). As such, the cumulative market cap of all crypto assets is just shy of $1.6 trillion as it’s up by about $300 billion in a week.

    Bitcoin Calm Around $40K

    The primary cryptocurrency also enjoyed the past week or so. After the struggles below $30,000 on July 20th, the asset pumped hard and added more than $10,000 in days. This resulted in nearing $41,000 on July 28th, which became the highest price line since June 15th.

    However, the asset failed to breach that level despite a few more attempts to break out. It even dipped below $39,000 shortly after, but the bulls didn’t allow further decreases.

    In fact, bitcoin has calmed around a tight range for the past 48 hours and currently sits just below $40,000. Its market capitalization has remained at $750 billion, while its dominance over the alts has slid slightly to 47.5% as they have marked serious gains in the past 24 hours.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView
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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price Solana (SOL) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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