Bitcoin has finally calmed after the massive volatility mid-week and stands just above $29,000.
The altcoins are also sitting quietly today, with Solana being the only notable gainer from the larger caps.
This past working week started rather calmly, as bitcoin continued trading sideways in a tight range of around $27,500. The landscape changed on Tuesday when the bulls initiated a massive leg-up that ultimately drove the cryptocurrency to $30,000.
However, that was short-lived as false panic surrounding the US government and Mt. Gox wallets brought the asset south hard. In fact, BTC erased all gains in minutes and slumped back down to $27,000.
As the news turned out to be fake, bitcoin went back on the offensive and reclaimed almost all losses this time. As such, it came inches away from tapping $30,000 yesterday but ultimately failed. Despite retracing by several hundred dollars since then, bitcoin still trades above $29,000.
Its market capitalization is close to $570 billion, while its dominance over the alternative coins has gained some ground again and is over 47%.
The alternative coins faced similar volatility mid-week but have calmed in the past few days. Ethereum, for example, went to over $2,000 before it crashed below $1,800. However, the largest altcoin has reclaimed over $100 since then and currently sits just inches above $1,900.
Binance Coin also went up and down but now trades above $320, despite a minor daily decline. Cardano, Polygon, Litecoin, Shiba Inu, and Avalanche are also slightly in the red on a daily scale.
Ripple, Dogecoin, Polkadot, and Tron, on the other hand, have marked insignificant gains. Solana has jumped the most from the larger-cap alts, being up by 3% and sitting above $23.
ICP, which was yesterday’s top performer, is on the move again, adding another 5.5% of value.
On a weekly scale, INJ has taken the main stage with a notable 17% increase. As a result, the asset trades close to $8.5.
The total crypto market cap has maintained the $1.2 trillion level amid the lack of substantial volatility since yesterday.
