FET Sets Itself Apart With a Remarkable 6% Surge, While BTC Struggles to Maintain Momentum (Weekend Review)
Bitcoin’s lackluster performance persists as the cryptocurrency dips below $58,000 once more and struggles to regain traction, barely climbing above $59,000.
Major altcoins are in a similar state, with ADA, NEAR, and TRX witnessing daily declines of more than 2%.
BTC’s struggle to maintain its foothold at $59,000 was particularly evident this week. Despite showing promise initially, with a surge from $60,000 to over $64,000 last Friday following positive developments in the US, the tides soon turned.
On Monday, BTC reached a three-week high above $65,100 before the market started to unravel. By Wednesday, it had shed over $7,000 in value, dropping to $58,000. Although a brief bounce-off pushed it to $61,200 on Thursday, the bears intensified their pressure, leading to another price drop yesterday. BTC hit $57,750 (on Bitstamp), the lowest point in approximately two weeks.
While the cryptocurrency has managed to defend this level and recover over $1,000 in value, it remains down 0.5% for the day and a significant 8% in the red since last Saturday. Meanwhile, its market cap has dipped below $1.170 trillion, and its dominance stands at around 54% on CG.
Most larger-cap altcoins have mirrored BTC’s recent performance, resulting in a relatively stagnant market. SOL, TON, SHIB, and AVAX have all declined by just over 1%, while TRX, ADA, and NEAR have experienced drops of up to 3%.
In contrast, ETH, XRP, DOGE, and BNB have seen marginal gains. The most notable increases among the larger-cap altcoins have come from LTC and UNI, each with approximately 3% gains.
However, FET and AAVE have managed to defy these market movements and steal the spotlight with price surges of 6-8%. FET has approached $1.2 after its remarkable daily surge, while AAVE sits comfortably above $132.
Despite these individual success stories, the overall crypto market cap has witnessed another $15 billion disappearance, falling to $2.175 trillion on CG.