Following a painful and volatile trading week, in which BTC saw its price tumble by over six grand, the cryptocurrency has finally calmed over the weekend, around $109,500.
Most larger-cap alts have produced little to no volatility since yesterday, but some of the smaller caps have gone on a tear.
BTC Calms at $109.5K
It was just over a week ago when the primary digital asset challenged the $118,000 resistance, only to fail and begin a more profound and violent correction. At first, the asset was driven south to $115,500 during the previous weekend before the bears took complete control of the market on Monday.
The first leg down pushed bitcoin to a 10-day low of $112,000 in what appeared to be a flash crash. It quickly bounced off to $114,000, but the bears didn’t let go and kept the pressure on. As a result, BTC slumped to a three-week low of under $109,000 as the week progressed.
After losing over $6,000 from Monday to Thursday, bitcoin finally calmed. It even jumped past $110,000 briefly on Friday, but to no avail, and was pushed south to $109,500, where it has been positioned for most of the weekend.
Its market cap continues to struggle at $2.180 trillion, while its dominance over the alts is up to 56.5% on CG.
MYX on a Roll
Most larger-cap alts have produced minor moves over the past day, but are deep in the red weekly. For instance, ETH has slumped by double digits and struggles at $4,000, which is a crucial support level that could determine the asset’s next move.
Further notable losses come from the likes of SOL, DOGE, ADA, HYPE, LINK, and AVAX, all of which have dumped by double digits.
On a daily scale, HASH and MYX stand in a league of their own, with gains of 24% and 11%, respectively.
The total crypto market cap has remained sideways at around $3.850 trillion after losing $300 billion weekly.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
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
