Most volatile weekend in a year as Solana dominates while Bitcoin makes a recovery
Bitcoin experienced an exceptionally volatile weekend, with the price falling as low as $64,550 after reaching a new all-time high of $72,760 earlier in the week. As of now, Bitcoin has managed to bounce back and is trading around $68,300. However, the weekend was characterized by several price swings ranging from 3% to 7%.
The weekend trading for Bitcoin has been relatively stable since the introduction of Bitcoin ETFs in the US earlier this year, with most of the volatility occurring during US trading hours at the beginning of the week. However, a deeper analysis of weekend periods throughout 2023 reveals that flat weekends were quite common throughout that year.
Charts depicting Bitcoin’s weekend trading in 2023 and 2024 show that most weekends saw minimal price fluctuations, usually within the range of 2-3%. However, the recent weekend stands out due to its higher volatility. Despite this, Bitcoin’s fear and greed index remains in the “extreme greed” zone, albeit a couple of points lower compared to the previous week.
In the broader market, positive movements are evident over the past 24 hours, as indicated by the sea of green. Solana, in particular, has witnessed a remarkable 36% surge over the last week, surpassing Bitcoin and leading the market.
Among the major digital assets, Dogecoin, Cardano, and Ethereum have not fully recovered to their recent highs over the past seven days. Only Bitcoin and BNB Chain are within a 20% range of their all-time highs.
At present, if the price of Bitcoin remains steady, the US market would experience a 2% drop in value over the next 16 hours.
According to the latest data from the market, as of March 17, 2024, at 9:23 pm UTC, Bitcoin retains its position as the top-ranked cryptocurrency by market capitalization. The price of Bitcoin has increased by 2.26% in the past 24 hours, with a market capitalization of $1.34 trillion and a 24-hour trading volume of $49.48 billion.