Bitcoin recently surged to a multi-day peak surpassing $26,400, though this ascent proved to be short-lived, as the cryptocurrency has since retraced to its familiar position below $26,000.
The broader altcoin market is also displaying slight declines today, with assets like Binance Coin (BNB), Cardano (ADA), and Solana (SOL) all experiencing retracements of over 1%.
BTC Falls Short of $26K
Bitcoin’s recent price performance has been less than stellar over the past ten days. It initially saw a $2,000 surge in value, only to subsequently plummet by nearly $3,000 shortly after Grayscale’s victory over the SEC.
This significant rejection forced Bitcoin to an 11-week low of $25,350. However, the bulls stepped in at this point, aiding Bitcoin in recovering some ground by the following weekend. Consequently, BTC stabilized just below the $26,000 mark.
The following days, spanning most of the business week, passed relatively uneventfully, with the cryptocurrency maintaining its position. It made a notable move upward recently, surging to a multi-day high of over $26,400.
Regrettably, this breakout proved to be a false alarm, and BTC has now lost all of its momentum, once again trading below $26,000. Its market capitalization remains slightly above $500 billion, with its dominance over alternative coins slipping to 48.3%.
XLM in the Green
In recent times, most alternative cryptocurrencies have mirrored Bitcoin’s performance, experiencing modest gains one day, only to face retracements the next. Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), Tron (TRX), Polkadot (DOT), Polygon (MATIC), and Shiba Inu (SHIB) have all declined by up to 1%.
Greater losses have been witnessed in the case of Binance Coin (BNB), Cardano (ADA), Litecoin (LTC), and Solana (SOL), with SOL seeing a drop of approximately 2%.
Stellar’s native token, XLM, notably deviates from the trend observed among larger-cap alternative coins. XLM has seen a daily gain of over 4% and is currently trading above $0.13.
Consequently, the total cryptocurrency market capitalization has reverted to its previous levels, currently standing at $1.040 trillion according to CoinMarketCap.