Bitcoin’s endeavor above $31,000 seems to be short-lived, at least for now, as the asset has retraced to just under that level.
Most alts are also slightly in the red on a daily scale, but the weekly charts are a whole different story for assets like COMP, MKR, AAVE, and others.
Bitcoin went through a highly-volatile trading day last Friday when it plummeted from over $31,000 to a 10-day low of $29,500 in minutes. This came after a report suggesting that the US SEC deemed the recent spot Bitcoin ETF filings as “inadequate,” which was regarded as a sign that the regulator could turn them down again.
However, the bulls intercepted the move and didn’t allow any further nosedive. BTC went back on the offensive and reclaimed the $30,000 line almost immediately.
The weekend was calm, with the cryptocurrency remaining stuck at around $30,500. Monday didn’t provide any fireworks, but bitcoin finally initiated a leg-up on Tuesday that drove it to $31,250 for the third time within a week or so.
However, the asset failed to overcome decisively the $31,000 level and currently sits just below it. As such, its market cap has dipped below $600 billion, while its dominance over the alts stands still at 49.6%.
Most altcoins have mimicked BTC’s 24-hour performance and have turned red. Ethereum and Binance Coin are down by just over 1% to under $1,950 and $245, respectively.
Ripple, Cardano, Polkadot, Polygon, and Avalanche are also in the red. Litecoin and Bitcoin Cash, which were the top performers last week, charting 14-month peaks, have lost between 3-4% once again. As a result, LTC sits at $105, while BCH is under $275.
On a weekly scale, Compound, Maker, and Aave have taken the main stage, as all three native tokens are up by triple digits. MKR has soared by 46%, COMP by 43%, and AAVE by $30.
Overall, though, the total crypto market cap has declined by just over $10 billion in a day and sits at $1.2 trillion on CMC.
