The past week started off quite calm and bitcoin continued to trade sideways in a tight range around $27,500. The landscape changed on Tuesday as the bulls started a massive uptrend that took the cryptocurrency to $30,000. However, the U.S. government and Mt. This was short-lived as the fake panic surrounding Gox wallets brought the asset hard south. In fact, BTC wiped out all its gains within minutes and dropped as low as $27,000. When the news turned out to be fake, Bitcoin took the attack again, this time recovering almost all of its losses. Therefore, yesterday it came a few inches away from touching $30,000 but ultimately failed. Despite pulling back several hundred dollars since then, bitcoin is still trading above $29,000. With its market cap approaching $570 billion, its dominance over alternative cryptocurrencies has regained some ground and is over 47%.
Altcoins Are Watching Red
Altcoins faced similar volatility mid-week but have calmed down over the past few days. For example, Ethereum climbed above $2,000 before dropping below $1,800. However, the largest altcoin has since regained more than $100 and is currently sitting just inches above $1,900. Binance Coin has also had its ups and downs but is currently trading above $320 despite a small daily drop. Cardano, Polygon, Litecoin, Shiba Inu, and Avalanche are also a bit in the red on the daily scale.
INJ Up 17% Weekly
On the other hand, Ripple, Dogecoin, Polkadot, and Tron posted insignificant gains. Solana made the biggest jump among big-volume alts, up 3% and hovering above $23. Showing its best performance yesterday, ICP is back in action, adding another 5.5%. On a weekly scale, INJ took the main stage with a notable 17% gain. As a result, the asset is trading close to $8.5. The total crypto market cap has remained at $1.2 trillion as there has been no significant fluctuation since yesterday.