Bitcoin initiated another leg up on Friday evening that resulted in jumping above $38,000 for the first time in over a year and a half, but the asset failed to double down on its momentum.
Most altcoins are calmer on a daily scale, with ETH standing close to $2,100 and SOL trading inches away from $60.
BTC Saw an 18-Month Peak
Bitcoin, alongside the rest of the market, had a wild week in which Binance had the main stage. The company reached a settlement agreement with the US Department of Justice in which it had to pay a hefty fine of $4.3 billion without admitting guilt. Moreover, the firm’s founder and CEO – Changpeng Zhao – had to plead guilty and step down as the chief exec.
BTC went on a rollercoaster ride that drove it up and down by a few thousand dollars on Wednesday, culminating in a price drop to a weekly low of $35,600. However, the bulls quickly intercepted the move and pushed the asset north in the following days.
This resulted in BTC nearing $38,000 on Thursday and going beyond that level on Friday night. In fact, the cryptocurrency soared all the way up to $38,500, which became its highest price tag since May 2022. Nevertheless, it failed to continue upwards or even remain there and currently sits at just under $38,000.
Its market capitalization stands still now at $740 billion, just like its dominance over the altcoins at 51.4% on CMC.
APE Charts Double-Digit Gains
Most altcoins mimicked BTC’s wild ride, but BNB, expectedly, was the worst-hit asset, having lost 20% of its value in hours at one point. Still, it managed to stop the freefall and currently sits at $235 – around $10 higher than its mid-week low.
ETH spiked above $2,100 yesterday but couldn’t keep rising and now trades inches below that level. Solana also failed to conquer the $60 line and sits under it now.
The most notable daily price gainers are STEPN, APE, and MINA – all of which have soared by double digits.
The total crypto market cap has increased by around 1% in a day and stands at $1.44 trillion on CMC.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
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.
Credit: Source link
