Bitcoin (BTC) Price Stabilizes at $70K, Solana (SOL) Inches Towards $200 (Weekend Analysis)
Bitcoin has once again reclaimed the $70,000 mark after briefly dipping below it yesterday. Despite struggling to break through decisively during its recovery phase, Bitcoin is showing signs of stability at this level. Meanwhile, several altcoins such as Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) have experienced losses on a daily scale. However, Solana (SOL) has outperformed its peers and is now inching closer to the $200 mark.
BTC Holds Steady at $70K
After a relatively uneventful weekend, the business week started off on a positive note for Bitcoin. The cryptocurrency surged from around $64,000 to $66,000 before skyrocketing to $70,000 on Tuesday. However, the bulls failed to sustain this momentum, leading to a violent rejection at a new 15-day peak of just under $72,000 on Wednesday. Subsequently, Bitcoin experienced a decline and dipped to $68,400. Despite these fluctuations, Bitcoin has managed to recover most of its losses and is currently trading slightly above $70,000.
The market capitalization of Bitcoin remains approximately $20 billion short of $1.4 trillion, and its dominance over altcoins has stagnated at 49.7% on CoinGecko.
SOL Nears $200
Solana and Toncoin have emerged as the top performers today. SOL has experienced an overnight gain of nearly 6% and is now approaching the $200 mark once again. TON has witnessed a similar increase and has surged above $5.
Other cryptocurrencies such as Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and Tron (TRX) have also registered gains, albeit in a more modest manner. Meanwhile, Bitcoin Cash (BCH) continues its upward trajectory ahead of its second halving, scheduled in just a few days, with its price now surpassing $600.
In contrast, Ethereum (ETH) and Binance Coin (BNB) have experienced slight declines, along with the two largest meme coins, SHIB and DOGE.
The total market capitalization of the crypto market has remained relatively stagnant on a daily basis and is currently below $2.8 trillion.